Manipal Group’s Ranjan Pai Set to Invest In Beauty Ecommerce Unicorn Purplle

Billionaire investor Ranjan Pai, the chairman of the Manipal Group, is in talks to make a significant investment in the beauty ecommerce unicorn Purplle.

Pai is considering acquiring JSW Ventures’ shares in the company for an estimated sum of INR 60 Cr – INR 70 Cr, Moneycontrol reported.

This potential investment marks the second instance of JSW Ventures divesting its holdings in Purplle within a span of five months.

Earlier in May, JSW Ventures sold a portion of its stake to the Abu Dhabi Investment Authority (ADIA), reaping substantial returns at 18 times its initial investment.

During the transaction, Purplle raised $50 Mn – $60 Mn in funding from the sovereign fund, Abu Dhabi Investment Authority (ADIA) in a funding round which was a mix of primary and secondary investment.

As of July, JSW Ventures held a 2.8% stake in Purplle.

Purplle, which competes with listed beauty ecommerce startup Nykaa, Reliance-led Tira, was looking to expand its physical footprint to go omnichannel, while also aiming to acquire a couple of brands in the process.

Founded in 2012 by Manish Taneja and Rahul Dash, Purplle offers beauty-oriented products and appliances. It hosts several D2C brands on its platform including Plum, WOW Skin Science, mCaffeine, Maybelline and SUGAR Cosmetics, among others.

In FY22, Purplle saw its revenue from operations grow INR 219.88 Cr, up 72% from INR 128.15 Cr a year earlier, its regulatory filings show. Its loss widened to INR 203.63 Cr in FY22 from INR 52.18 Cr in the previous year.

Meanwhile, Pai is increasingly becoming an active investor in Indian startups. Earlier in August, it was reported that Pai was in advanced talks to pick up a stake in the IPO-bound children-focused ecommerce major FirstCry.

He also made strategic investments in several prominent startups, including edtech giant BYJU’S, and jewelry startup BlueStone.