JSW Ventures Sells Stake In Purplle To Manipal Family Office
'We continue to stay invested in Purplle from our second fund,' says Sachin Tagra, managing partner at JSW Ventures.
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.
