Beauty Unicorn Purplle Gains INR 1,000 Cr Investment, Offers Major ESOP Liquidity The Mumbai-based brand also announced an Employee Stock Ownership Plan (ESOP) liquidity programme, offering INR 50 crore in liquidity to its employees.
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Beauty and personal care unicorn Purplle has announced the raising of INR 1,000 crore (approximately USD 120 million) in a round led by a wholly owned subsidiary of Abu Dhabi Investment Authority (ADIA) with participation from other investors.
The omnichannel beauty platform's latest funding round includes a combination of primary and secondary shares.
Purplle also announced an Employee Stock Ownership Plan (ESOP) liquidity programme, offering INR 50 crore in liquidity to its employees. The company said that it has granted ESOPs to 320 employees to date, with 85 of them having liquidated ESOPs worth INR 75 crore through three buyback programmes.
Purplle became a unicorn with a USD 1.1 billion valuation in June 2022 after raising USD 33 million from Paramark Ventures in South Korea during its Series E round.
Manish Taneja, Co-founder and CEO at Purplle, said, "It is our mission to democratise beauty and make it accessible to all, and while we have reached many beauty enthusiasts across India, we still have a long way to go. We will constantly innovate and leverage our technology and data capabilities to provide our customers with the best omnichannel experience."
Founded in 2012 by Manish Taneja and Rahul Das, Purplle serves the beauty needs of customers in tier II/III+ micro-markets, expanding beyond metro cities.
A completely owned subsidiary of ADIA, Kedaara, Premji Invest, Sequoia Capital India, Goldman Sachs, Verlinvest, Blume Ventures, and Paramark Ventures are among the investors who support it.
The platform claims to operate an online platform reaching over 10 million consumers a month, along with 20,000+ offline touchpoints.
