The Ranjan Pai-led Manipal Group has invested in Mumbai-based online beauty products retailer Purplle in a secondary transaction, purchasing shares from JSW Ventures. Through the deal, JSW Ventures has partially sold its shareholding in Purplle.
In May, ET had reported that JSW Ventures had partially sold its stake in Purplle to Abu Dhabi Investment Authority (ADIA). At the time, the startup closed a $40-50 million funding round, split between primary and secondary transactions, at a flat valuation of $1.1 billion.
Commenting on the transaction, Sachin Tagra, managing partner at JSW Ventures said, “Purplle was one of our earliest investments as a fund in 2016 and it has delivered a 57% internal rate of return (IRR). We are delighted to announce that with this exit, we have returned 2.7 times the corpus of the first fund…we continue to stay invested in Purplle from our second fund and wish the team at Purplle continued success.”
More to follow…
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