Tuesday, July 9, 2024

Purplle Group Announces Rs 1000cr Funding Led By A Subsidiary Of Abu Dhabi Investment Authority (ADIA)

Purplle Group, one of India’s leading omnichannel beauty platforms, announces the closing of a Rs 1000cr funding round led by a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), along with participation from other investors, which includes a combination of primary and secondary shares. Strategically expanding its offline presence, Purplle Group retails its six direct-to-consumer private brands including, Faces Canada, Alps Goodness, Good Vibes, Carmesi, DermDoc, and Ny Bae across multiple touchpoints. The brand has over 1500 assisted and 40000+ touchpoints pan India. The company serves the beauty needs of customers in tier 2/3+ micro-markets, expanding beyond metro cities.

Speaking on the investment Manish Taneja, Co-Founder & CEO at Purplle said, “It is our mission to democratize beauty and make it accessible to all, and while we have reached many beauty enthusiasts across India, we still have a long way to go. We will constantly innovate and leverage our technology and data capabilities to provide our customers with the best omnichannel experience. In increasing its shareholding in Purplle, ADIA has continued to support us as we pursue our vision of building a sustainable and profitable business.”

Purplle is one of the fastest-growing retailers in the Beauty and Personal Care (BPC) segment, having grown its GMV by ~4x over the last 3 years. Purplle is operationally profitable and expects to grow its online platform faster than the industry while scaling offline stores and improving profitability.

Alongside this funding round, Purplle has also announced its largest-ever Employee Stock Ownership Plan (ESOP) liquidity program and will offer liquidity of ?50cr to its employees. Purplle has granted ESOPs to 320 employees up to date, and 85 of them have liquidated ESOPs worth ?75cr over three buyback programs. In the largest-ever ESOP liquidity program announced, 26% of its beneficiaries are women.

About Purplle

Founded in 2012, Purplle is one of India’s leading omnichannel consumer platforms that caters to the beauty needs of the Indian masses. It recognizes the socio-economic barriers to beauty and is on a mission to break them by making great quality products accessible to all.

Using category-defining AI systems built on a proprietary data stack, Purplle operates an online platform reaching 10 million+ consumers a month, along with 20,000+ offline touchpoints. Purplle focuses on extensively understanding the beauty needs of people across varying regional landscapes of India. The company has built a unique, highly personalized online and offline shopping experience for consumers by creating detailed user personas and recommending products based on personality and purchase behaviour.

Purplle is a strong partner to third-party brands while successfully scaling innovative direct-to-consumer private brands like Faces Canada, Alps Goodness, Good Vibes, Carmesi, DermDoc, etc.

In 2022, Purplle became India’s 102nd unicorn, backed by investors including a wholly owned subsidiary of ADIA, Kedaara, Premji Invest, Sequoia Capital India, JSW Ventures, Goldman Sachs, Verlinvest, Blume Ventures, and Paramark Ventures. With a 4,000+ strong team, Purplle is amongst the leading beauty and personal care platforms in the burgeoning Indian discretionary consumption space.

About ADIA

Established in 1976, ADIA is a globally diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation. For more information: https://www.adia.ae.

No comments:

Total Pageviews