Beauty retailer Purplle to raise $100M from Abu Dhabi Investment Authority: Reports
The investment may also form a part of Purplle's pre-IPO round. It plans to go public sometime between late next year and early 2026.
Beauty and personal care unicorn is in the early stages of discussions to raise a $100 million investment from the Abu Dhabi Investment Authority (ADIA), the UAE sovereign wealth fund.
According to a report by Mint, the startup is expected to receive the capital soon through a secondary transaction, with some early investors exiting the venture.
The report added that the investment may also form a part of the company's pre-IPO round. It plans to go public sometime between late next year and early 2026, Manish Taneja, CEO of Purplle, told Mint.
If finalised, this would be ADIA's second investment in the startup in a year. It previously invested $50-60 million in Purplle in May 2023, valuing the company at $1.1 billion.
Founded in 2012 by 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.
JSW Ventures offloads partial stake in Purplle to Abu Dhabi Investment Authority
Purplle offers products across categories, including makeup, skincare, haircare, personal care, fragrances, and grooming appliances, from brands like Good Vibes, Faces Canada, etc.
The company's revenue increased by 72% to Rs 219.9 crore in the year ending March 2022. Its losses increased to Rs 203.6 crore from Rs 52.18 crore in the previous year, resulting in an annualised gross merchandise value of Rs 1,400 crore.
The company plans to expand its offline presence with five to ten more stores in the coming months, cashing on the increased spending on beauty products and the preference for hybrid shopping.
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Edited by Suman Singh
