Beauty retailer Purplle's FY23 loss widens to Rs 230 Cr
The company saw a 116% increase in revenue from operations to Rs 474.9 crore in the 2022-23 fiscal year, from Rs 219.8 crore earned in the previous year.
Beauty and personal care unicornsaw its loss widen to Rs 230 crore in the financial year ended March 2023—up from Rs 203.6 crore in FY22. Meanwhile, its total income increased by 124% to Rs 508.6 crore in the year under review from Rs 227.4 crore a year ago.
Revenue from operations was up 116% to Rs 474.9 crore in FY23 from Rs 219.8 crore in the previous fiscal year.
The company has reported a 71% increase in its total expenditure to Rs 738 crore as compared to Rs 431 crore in FY22. Employee benefits expenses, which doubled to Rs 170.5 crore from Rs 85.1 crore in the previous year, were among the top contributors to its total expenses.
Founded in 2012 by Manish Taneja and Rahul Dash, Purplle joined the unicorn club in 2022 after raising $33 million in a Series E funding round from South Korean investment firm Paramark Ventures, along with Premji Invest, Blume Ventures, and private equity fund Kedaara.
Purplle offers products across categories including makeup, skincare, haircare, personal care, fragrances, and grooming appliances. Its portfolio includes brands such as Good Vibes and Faces Canada.
In October this year, JSW Ventures said it had fully exited its shareholding in Purplle through a sale to Manipal Education and Medical Group Family Office (MEMG). With this transaction, JSW Ventures saw a return of 2.7X. JSW had previously offloaded a part of its holding in the beauty startup at a return of 18X.
Edited by Affirunisa Kankudti