The proposed deal is likely to value the omnichannel beauty platform at around Rs 13,000 crore ($1.5 billion), the people said. They didn’t disclose the size of stake the potential new investor could buy.
The incoming investor is expected to invest about Rs 1,800 crore in the company through a mix of primary and secondary capital, people said. Some early venture capital and angel investors are likely to pare their holdings as part of the deal, they said.
Purplle was last valued at around Rs 10,000 crore ($1.25 billion at the time) in 2024, when Abu Dhabi Investment Authority (ADIA) led a Rs 1,500 crore funding round.
The company counts ADIA, Kedaara Capital, Premji Invest, Peak XV Partners, JSW Ventures, Goldman Sachs, Verlinvest, Blume Ventures and Paramark Ventures among its investors.
To date, Purplle has raised about $560 million across 18 funding rounds, according to Tracxn.
Presently, founders Manish Taneja, Rahul Dash, and Suyash Katyayani together own 15.6%, while PE/VC funds hold 65.6% in Purplle. Angel investors have a 6.8% stake while the remainder is held by staff under Esops, according to Tracx. Brussels-based global investment firm Verlinvest is the largest shareholder with a 12.3% stake.
Founded in 2012, Purplle hosts more than 1,000 brands and more than 60,000 products, serving around 7 million monthly active users. In addition to partnering with third-party brands, the platform sells its own direct-to-consumer private labels, including Faces Canada, Alps Goodness, Good Vibes, Carmesi, DermDoc and NY Bae.
With a workforce of about 3,000 employees, Purplle competes with Nykaa, Tira, Good Glamm, Pilgrim, Innovist and Foxy among others in India’s fast-growing beauty e-commerce market. The company reported revenue of Rs 1,410 crore in FY25. Purplle, KKR, and ChrysCapital didn’t respond to queries. A spokesperson for TPG declined to comment.
India’s beauty and personal care market is expected to grow at 10-11% compounded annually to $34 billion by 2028, from $21 billion in 2024, according to the Nykaa Beauty Trends Report. E-commerce is poised to emerge as the largest growth driver and the fastest-growing segment, with an expected compounded annual growth rate of around 25%, as brands increasingly adopt digital-first strategies to meet consumer demand for convenience and wider choices.
TPG Growth, which invested around ‘100 crore in Nykaa in 2019, exited its stake in 2022 following the company’s IPO, generating a 15-16x return in about three years. Globally, TPG has backed beauty platforms such as Ipsy (BFA Industries) and US-based beauty brand Beautycounter.
PE firm ChrysCapital owns about a 35% stake in WOW Skin Science, one of India’s leading new-age beauty and personal care companies. KKR, meanwhile, has a controlling stake in Vini Cosmetics, the personal care company behind the flagship FOGG brand. Men’s grooming brand Bombay Shaving Company is also backed by several VC funds, the Patni Family Office and high-net-worth individuals, including Rahul Dravid.