.Manish Taneja, cofounder as well as CEO, PurplleBeauty seller Purplle submitted a 43% growth in operating income to Rs 680 crore for the fiscal year ended March 31, 2024, from Rs 475 crore in FY23. The firm's combined bottom line limited by 46% to Rs 124 crore from Rs 230 crore a year back. Total costs increased to Rs 850 crore in FY24 coming from Rs 738 crore a year earlier. A substantial quantity of the expense was attributed to fringe benefit expenditures which cheered Rs 191 crore from Rs 170 crore.The acquisition of stock-in-trade raised to Rs 124 crore coming from Rs 102 crore, while other expenses rose to Rs 501 crore from Rs 453 crore. On July 1, ET stated that the Mumbai-based company raised Rs 1,000 crore ($ 120 million) in a funding around led through sovereign fund Abu Dhabi Financial investment Authorization (ADIA), valuing the unicorn at $1.3 billion. Indian household offices participated in as new investors, with initial angel financiers as well as existing backers like Goldman Sachs and Verlinvest partly offering stakes.The firm had additionally declared its biggest employee sell possession program (Esop) buyback program to deliver liquidity of Rs 50 crore to its own employees.Purplle, which was established through Manish Taneja as well as Rahul Dash in 2012, takes on the likes of Nykaa and Glucose Cosmetics Products. Taneja had associated the continuing financier passion to excellent service growth.The start-up, which is backed through clients consisting of Premji Invest and also Manipal group chief Ranjan Pai, plans to preserve its technology-first approach as it intends to grow its own presence in tier-II and also tier-III urban areas.
Released On Sep 12, 2024 at 08:56 AM IST.
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