Beauty Brand Purplle gains Rs.1,000 crore from Abu Dhabi Investment Authority
Purplle Group, an omni-channel beauty platform, announced on Monday that it had raised Rs 1,000 crore in a funding round led by an Abu Dhabi Investment Authority (ADIA) wholly-owned subsidiary.
According to a statement from Purplle Group, the fresh capital was raised through a combination of primary and secondary share issuances, and additional investors participated in the funding.
Expressing to this, Purplle Co-Founder & CEO Manish Taneja states, “We will constantly innovate and leverage our technology and data capabilities to provide our customers with the best omni-channel 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.”
In addition, Purplle has announced a liquidity program for its Employee Stock Ownership Plan (ESOP) that will provide employees with Rs 50 crore in liquidity.
Purplle has quadrupled its gross merchandise value (GMV) over the past three years, making it one of the retailers in the beauty and personal care (BPC) sector experiencing the fastest growth.
Since its inception in 2012, Purplle has provided ESOPs to 320 employees, of which 85 have redeemed Rs 75 crore through three buyback programs.
In the biggest ever ESOP liquidity program declared, 26% of its recipients are ladies. Purplle works an internet-based stage arriving at more than 10 million customers a month alongside north of 20,000 offline touchpoints.
“Purplle is operationally profitable and expects to grow its online platform faster than the industry while scaling offline stores and improving profitability”, said the company.
According to a statement from Purplle Group, the fresh capital was raised through a combination of primary and secondary share issuances, and additional investors participated in the funding.
Expressing to this, Purplle Co-Founder & CEO Manish Taneja states, “We will constantly innovate and leverage our technology and data capabilities to provide our customers with the best omni-channel 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.”
In addition, Purplle has announced a liquidity program for its Employee Stock Ownership Plan (ESOP) that will provide employees with Rs 50 crore in liquidity.
Purplle has quadrupled its gross merchandise value (GMV) over the past three years, making it one of the retailers in the beauty and personal care (BPC) sector experiencing the fastest growth.
Since its inception in 2012, Purplle has provided ESOPs to 320 employees, of which 85 have redeemed Rs 75 crore through three buyback programs.
In the biggest ever ESOP liquidity program declared, 26% of its recipients are ladies. Purplle works an internet-based stage arriving at more than 10 million customers a month alongside north of 20,000 offline touchpoints.
“Purplle is operationally profitable and expects to grow its online platform faster than the industry while scaling offline stores and improving profitability”, said the company.
