Purplle closes Series F round at $180 Mn

Purplle, an omnichannel beauty platform, has closed its Series F funding round at Rs 1,500 crore (approximately $180 million). This round was led by a subsidiary of the Abu Dhabi Investment Authority (ADIA) and saw significant contributions from existing investors, including Premji Invest and Blume Ventures, who increased their commitments. 

New investors, such as Sharrp Ventures, also joined this round.

In July, Purplle secured the first tranche of funding, amounting to Rs 1,000 crore (around $120 million). According to sources, this new round values the Manish Taneja-led company at $1.2-1.3 billion. In June 2022, it raised $33 million in its Series E round from South Korea’s Paramark Ventures and became a unicorn with a valuation of $1.1 billion.

This funding round will support Purplle’s mission to make beauty accessible to everyone. The company plans to leverage technology to enhance how consumers discover and purchase beauty products and services, expanding its reach to a broader audience, the firm said in a press release

Founded in 2012, Purplle operates with two models: a marketplace and its own brands, including Faces Canada, Good Vibes, Alps Goodness, Carmesi, and DermDoc. Its online platform reaches over 10 million consumers monthly, alongside 20,000 offline touchpoints. 

Purplle’s revenue rose to Rs 680 crore in FY24, reducing losses by 46% to Rs 124 crore from Rs 230 crore in FY23 through scaled growth and cost control, particularly in advertising.

As of March 2024, Purplle reported cash and bank balances of Rs 109 crore. Based on estimates from Entrackr, the company’s enterprise value to revenue multiple stood at 15.8x.

In the past 12 months, Purplle also rewarded employees with a $6 million ESOP buyback and provided an exit to JSW Ventures through the sale of secondary shares