Purplle raises $120 Mn led by ADIA(Abu Dhabi Investment Authority); and company conducting to buyback ESOPs worth $6 Mn.
In addition to the funding round, Purplle has announced its largest-ever
(ESOP) liquidity program worth ($6 million). As per the company, it has granted
ESOPs to more than employees, and 85 of them have liquidated ESOPs
worth ($9 million) over three buyback programs.
Purplle raised $33 million in its Series E round from South Korea’s
Ventures and turned unicorn with a valuation of $1.1 billion.
Purplle claims that it is operationally profitable and has grown its GMV by
around 4x over the last three years. It expects to grow its online platform
faster than the industry while scaling offline stores and improving
profitability.
For the fiscal year ending March 2023, Purplle reported Rs 475 crore in
operating revenue along with a loss of Rs 230 crore. In the previous fiscal
year (FY22), its revenue and losses stood at Rs 219 crore and Rs 203 crore,
respectively.
This will be the second secondary transaction for Purplle within a year. In
In October 2023, JSW Ventures exited the Gurugram-based company through
a sale to Manipal Education & Medical Group Family Office (MEMG).
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