Omni-channel beauty platform Purplle has raised Rs 1,000 crore ($120 million) in a funding round led by a wholly owned subsidiary of Abu Dhabi Investment Authority (ADIA). Existing investors along with new investors also participated in the funding round.
The funds were raised through a combination of primary and secondary shares issuance including liquidation of its Employee Stock Ownership Plan (ESOP) liquidity programme worth Rs 50 crore.
Purplle will utilise the funds to strengthen its online platform faster and scaling offline stores to improve its profitability.
Commenting on the funding, Manish Taneja, co-founder & CEO of Purplle in a statement 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 with private labels like Faces Canada, Alps Goodness, Good Vibes, Carmesi, DermDoc among others.
It operates an online platform reaching over 10 million consumers a month along with over 20,000 offline touchpoints.
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