PE Fund Investments
Beauty products e-tailer Purplle attracts $60-M from ADIA as early investors take exits
Purplle, a Mumbai-headquartered online retailer of beauty and personal care products, has raised USD 50-60 million from Abu Dhabi Investment Authority (ADIA), mostly through secondary transactions. The investment was made at a valuation of USD 1.1 Billion, the same as in June 2022 when Paramark Ventures invested USD 33 million in primary funds. The primary component of the investment will be used to expand the company's physical footprint as part of its omnichannel strategy. The company wants to have a phygital (physical plus digital) presence across the key metros and tier I cities and will increase its physical touch points through its private label kiosks. Founded in 2012 by Manish Taneja and Rahul Dash, Purplle sells a wide range of beauty and personal care (BPC) products. In FY2022, it recorded USD 180 million in gross merchandise value or the value of goods sold.
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