JSW Ventures offloads partial stake in Purplle to Abu Dhabi Investment Authority

JSW Ventures on Wednesday said it has sold a part of its holding in e-commerce firm Purplle to Abu Dhabi Investment Authority (ADIA).

"The partial exit in Purplle has generated 18x return on the capital invested," JSW Ventures said in a statement.

The company, however, did not disclose any financial details of the transaction.

In a statement, JSW Ventures said following this transaction, JSW Ventures has returned 2X of the Fund I corpus to their investors.

JSW Ventures first invested in Purplle's Series A round in 2016 from its first fund.

According to industry sources, the first fund of JSW Ventures was Rs 100 crore. After the partial exit from Purplle, JSW Ventures has returned Rs 200 crore to its investors.

"In our association with Purplle, we experienced how to build an incredible scale with product selection and reach across the cross-section of our country.

"Their focus on investing in leadership bandwidth across various verticals is exemplary and sets the template for start-ups making a transition from an early-stage business to a mature organisation in a capital constrained environment," said Gaurav Sachdeva, Founding Partner at JSW Ventures.

A query sent to JSW Ventures remained unanswered.

"Apart from providing capital, they have been hands-on, supporting us across various aspects of the business. We enter FY 2023-24 with a significant performance by marquee brands, strong investment trajectory, and aggressively pursuing business growth." Manish Taneja, Co-founder and CEO at Purplle said,

Part of the steel-to-infrastructure JSW Group, JSW Ventures is an early-stage institutional venture capital fund investing in technology companies across B2B and B2C platforms in consumer, healthcare, financial services, and agriculture industries.

Purplle is an ecommerce platform offering beauty and personal care products.