Purplle Group raises ₹1,000 crore at $1.25 bn valuation in round led by ADIA as it seeks to open more offline stores

Omnichannel quality and idiosyncratic attraction products level Purplle Group connected 1 July, announced that it has raised ₹1,000 crore successful a backing circular led by an limb of Abu Dhabi Investment Authority (ADIA), on with information from different marquee investors.

Cumulatively, the start-up has present raised much than $500 million, portion its pre-money valuation has accrued to $1.25 cardinal successful the latest backing round, from the $1.1-billion valuation it had received successful its erstwhile backing round.

Purplle, successful a statement, said that the latest backing circular includes a operation of superior and secondary shares. 

“In expanding its shareholding successful Purplle, ADIA has continued to enactment america arsenic we prosecute our imaginativeness of gathering a sustainable and profitable business,” said Manish Taneja, co-founder and CEO of Purplle.

Mint had reported connected talks of the backing circular successful April and said that the institution plans to unfastened much offline stores this year, arsenic it seeks to support up with the changing preferences of customers looking for much hybrid modes of shopping. 

Most of its people marketplace resides successful tier 2 and tier 3 towns, and it gets astir fractional of its revenues from much than 78 cities, specified arsenic Mysore, Coimbatore, Kochi, Ernakulam, Kozhikode and Siliguri.

“It is our ngo to democratise quality and marque it accessible to all, and portion we person reached galore quality enthusiasts crossed India, we inactive person a agelong mode to go,” said Taneja. 

“We volition perpetually innovate and leverage our exertion and information capabilities to supply our customers with the champion omnichannel experience,” helium added.

Taneja had told Mint successful April that the company, which has conscionable 2 offline stores currently, plans to unfastened 5-10 much successful the adjacent fewer months.

The quality level has granted ESOPs to 320 employees to date, and 85 of them person liquidated their ESOPs worthy ₹75 crore implicit 3 erstwhile buyback programs. 

While the institution is operationally profitable, according to its connection announcing the latest backing round, it expects to turn its online level faster than the industry, portion scaling offline stores and improving profitability.

Purplle is backed by galore marquee investors including ADIA, Kedaara Capital, Premji Invest, Sequoia Capital India, JSW Ventures, Goldman Sachs, Verlinvest, Blume Ventures, and Paramark Ventures, among others.