JSW Ventures has sold some of its holding in direct-to-consumer beauty products retailer Purplle through a secondary sale to Ranjan Pai's Manipal Education and Medical Group Family Office.
A secondary transaction is one where an investor purchases a stake from an existing investor instead of diluting the promoters' stake.
With this transaction, JSW Ventures has fully exited Purplle from its Fund I and returned 2.7 times of the fund size to investors so far, it said in a statement on Monday.
"Purplle was one of our earliest investments as a fund in 2016 and it has delivered a 57% internal rate of return," Sachin Tagra, managing partner at JSW Ventures, said. "We continue to stay invested in Purplle from our second fund."
"As we build Purplle into a remarkable data and technology-led beauty company, we are excited about the value-add that Dr. Pai can add," Manish Taneja, chief executive officer of Purplle, said.
In May, the Abu Dhabi Investment Authority had also picked up a stake in Purplle in a secondary transaction with JSW Ventures. That partial exit had generated an 18-times return on the capital invested.
Purplle competes with listed players such as FSN E-Commerce Ventures Ltd., the operator of Nykaa, and well-funded competitors like Sugar Cosmetics in the omnichannel beauty products space.
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