Purplle, the beauty and personal care unicorn, reported an expanded loss of Rs 230 crore for the financial year ending March 2023, up from Rs 203.6 crore in FY22. Simultaneously, the company witnessed a substantial increase in total income, soaring by 124% to Rs 508.6 crore in the year under review from Rs 227.4 crore in the previous fiscal year.
The revenue from operations also showed significant growth, surging by 116% to Rs 474.9 crore in FY23 from Rs 219.8 crore in the previous fiscal year. However, Purplle reported a 71% rise in total expenditure, reaching Rs 738 crore compared to Rs 431 crore in FY22. Employee benefits expenses played a significant role in contributing to total expenses, doubling to Rs 170.5 crore from Rs 85.1 crore in the previous year.
Founded in 2012 by Manish Taneja and Rahul Dash, Purplle achieved unicorn status in 2022 after securing $33 million in a Series E funding round from South Korean investment firm Paramark Ventures, along with investments from Premji Invest, Blume Ventures, and private equity fund Kedaara.
Purplle’s product offerings span various categories, including makeup, skincare, haircare, personal care, fragrances, and grooming appliances. Notable brands within its portfolio include Good Vibes and Faces Canada. In October of the current year, JSW Ventures completed a full exit of its shareholding in Purplle through a sale to Manipal Education and Medical Group Family Office (MEMG). The exit resulted in a return of 2.7X for JSW Ventures, following a previous partial offloading of its holdings at an impressive return of 18X.
