Manipal Group invests in Purplle with secondary purchase from JSW Ventures
With this transaction, JSW Ventures has fully exited its stake in Purplle from Fund I and has returned 2.7x of the fund size to its investors.
JSW Ventures has exited its shareholding in through a sale to Manipal Education & Medical Group Family Office (MEMG).
With this transaction, JSW Ventures has fully exited its stake in Purplle from Fund I and has returned 2.7x of the fund size to its investors. JSW Ventures Fund I continues to track at a top quartile Internal Rate of Return (IRR) and Distributed to Paid-in Capital (DPI) among funds of an identical vintage.
“With its vision and dedication, the Purplle team has created a digital ecosystem that revolutionises how Indian consumers discover and experience beauty products. We are excited to be part of Purplle’s journey as they scale up,” said Dr Ranjan Pai, Chairman of the Manipal Group.
Founded in 2012, Purplle.com, is an online beauty retailer with over 1,000 brands and nearly 50,000 products.
“We welcome Dr Ranjan Pai to Purplle and are pleased to provide a great exit to JSW Ventures Fund 1. As we build Purplle into a remarkable data and technology led beauty company, we are excited about the value-add that Dr Pai can add. We are grateful to the JSW Ventures team for all the support extended to us since 2016,” said Manish Taneja, Co-founder and CEO at Purplle.
Purplle claims to have built a differentiated, highly personalised digital shopping experience for consumers through its app by creating detailed user personas, enabling customers to test make-up, and recommending products based on personality, search keywords, and purchase behaviour. The company’s investors include JSW Ventures, Kedaara, Premji Invest, Sequoia Capital India, Goldman Sachs, and Verlinvest.
“Purplle was one of our earliest investments as a fund in 2016 and it has delivered a 57% IRR. We are delighted to announce that with this exit, we have returned 2.7 times the corpus of the first fund. It has been our privilege to partner with Manish, Rahul, and Suyash on their remarkable journey. We continue to stay invested in Purplle from our second fund and wish the team at Purplle continued success,” added Sachin Tagra, Managing Partner at JSW Ventures.
Edited by Megha Reddy