Omni-channel beauty platform Purplle Group on Monday announced raising Rs 1,000 crore in a funding round led by a wholly owned subsidiary of Abu Dhabi Investment Authority. Other investors also participated in the funding and the fresh capital was raised through a combination of primary and secondary shares issuance, according to a statement from Purplle Group.
Besides, Purplle has also announced a Employee Stock Ownership Plan liquidity programme and will offer liquidity of Rs 50 crore to its employees.
Purplle Co-Founder & CEO Manish Taneja said, "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." Purplle is one of the fastest-growing retailers in the beauty and personal care segment, having grown its GMV by four times over the last three years.
The company, which has private labels as Faces Canada, Alps Goodness, Good Vibes, Carmesi, DermDoc etc., targets the customers in tier II, III and below micro-markets.
"Purplle is operationally profitable and expects to grow its online platform faster than the industry while scaling offline stores and improving profitability," it said.
Founded in 2012, Purplle has granted ESOPs to 320 employees up to date, and 85 of them have liquidated ESOPs worth Rs 75 crore over three buyback programmes.
In the largest-ever ESOP liquidity programme announced, 26% of its beneficiaries are women.
Purplle operates an online platform reaching over 10 million consumers a month along with over 20,000 offline touchpoints.
Purplle is backed by investors including ADIA, Kedaara, Premji Invest, Sequoia Capital India, JSW Ventures, Goldman Sachs, Verlinvest, Blume Ventures, and Paramark Ventures.
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