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Omnichannel beauty products retailer Purplle has closed a Rs 1,000 crore funding round. This and more in today’s ETtech Top 5. Also in this letter: ■ ETtech Done Deals ■ A slice of AI: How much is it worth? ■ India’s phone exports catch up with rivals Purplle raises Rs 1,000 crore from Abu Dhabi Investment Authority, others Manish Taneja, CEO, Purplle Omnichannel beauty retailer Purplle on Monday said it had raised Rs 1,000 crore in a funding round led by a sovereign fund Abu Dhabi Investment Authority (ADIA).
Deal details: The funding is a mix of primary and secondary capital. Post the fundraising, Purplle is valued at $1.3 billion.
People in the know said there may be another tranche of investment coming as part of the current round. We had reported on April 4 about a deal being in the works and subsequently on June 12 about ADIA leading a $100-million round in Purplle, along with other investors. Tell me more: Indian family offices participated in the funding.
Old angel investors and existing backers like Goldman Sachs and Verlinvest part-sold shares in the 13-year-old firm, according to people directly involved in the deal. Purplle has also announced an employee stock ownership plan (Esop) liquidity programme. It will offer liquidity of Rs 50 crore to its employees.
CEO speak: Manish Taneja, CEO of Purplle, told us the company will invest majority of the primary capital raised through this round in technology and experiment further with the offline store formats.
