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Abu Dhabi wealth fund ADIA bets $120 mn more on Purplle

VCCircle

VCCircle · 1y ago

Abu Dhabi wealth fund ADIA bets $120 mn more on Purplle

Abu Dhabi Investment Authority (ADIA), the sovereign wealth fund, has invested an additional $120 million in Indian online beauty retailer Purplle. ADIA had also invested $50 million in the company last year. Purplle plans to use the funding to enhance its omnichannel offerings and improve customer experiences. The company, which competes with numerous beauty brands in India, including Nykaa and L'Oreal, reported a revenue of INR 475 crore ($64 million) for FY23. It also provided liquidity worth INR 50 crore to employees through an Employee Stock Ownership Plan.

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ADIA-backed Purplle closes Series F at $178 mn, Sharrp Ventures joins cap table

VCCircle

VCCircle · 10m ago

ADIA-backed Purplle closes Series F at $178 mn, Sharrp Ventures joins cap table

Indian beauty platform Purplle has announced the closure of its Series F funding round, raising INR 1,500 crore (approximately $178.4 million). The round was led by existing investor Abu Dhabi Investment Authority (ADIA) and valued Purplle at $1.25 billion. ADIA invested $120 million in this round and now owns close to a 10% stake in the company. Other existing investors, including Premji Invest and Blume Ventures, also participated in the round, as did new investor Sharrp Ventures. Purplle operates an omnichannel platform selling beauty products and has seen significant growth in its revenue and narrowed its EBITDA loss.

Purplle Seeks $100 Mn Investment From ADIA, Plans More Offline Stores

Inc42 · 1y ago

Purplle Seeks $100 Mn Investment From ADIA, Plans More Offline Stores

Beauty ecommerce marketplace Purplle is planning to expand its offline presence by opening 5-10 more stores in the coming months. The company is also in discussions with Abu Dhabi Investment Authority (ADIA) for a $100 million investment. Purplle aims to tap into the growing preference for hybrid shopping and increased spending on beauty products. While the majority of its revenue currently comes from online operations, the company sees potential in offline stores to cater to customers in tier-2 and tier-3 cities. The planned investment from ADIA is expected to be a part of Purplle's pre-IPO round.

Purplle Snags $100 Mn From ADIA, Others With Eye On More Offline Stores

Inc42 · 1y ago

Purplle Snags $100 Mn From ADIA, Others With Eye On More Offline Stores

Abu Dhabi's sovereign fund ADIA has led a funding round for beauty ecommerce marketplace Purplle, contributing $100 million. The investment from ADIA, alongside participation from new investor Creaegis, valued Purplle at $1.2-1.3 billion, a 15% increase from its previous funding round in 2020. Purplle, founded in 2012, sells beauty products and appliances, and this new funding will support its growth and expansion in the Indian market.

UAE's ADIA to invest $750 mn in GMR Group's debt

VCCircle

VCCircle · 10m ago

UAE's ADIA to invest $750 mn in GMR Group's debt

Abu Dhabi Investment Authority (ADIA), the largest sovereign wealth fund in the UAE, is set to invest approximately $750 million in the debt of Indian company GMR Group. This investment will give ADIA exposure to the rapidly expanding aviation market in India and allow GMR Group to reduce its shareholding pledge on its airports business. The funds will be used to refinance GMR Group's external debt and strengthen its ability to support the growth of GMR Airports.

ADIA plans to invest $4-5 bn in India via GIFT City fund

VCCircle

VCCircle · 1y ago

ADIA plans to invest $4-5 bn in India via GIFT City fund

Abu Dhabi Investment Authority (ADIA), the largest sovereign wealth fund in UAE, is establishing a $4-5 billion fund to invest in India through a tax-neutral finance hub in Gujarat. ADIA has received in-principal approval from the regulatory authority of Gujarat International Finance Tec-City (GIFT City). This move allows ADIA to become the first sovereign wealth fund to invest in India via GIFT City and strengthens ties between the UAE and India. The funds will be invested over time, and GIFT City offers various benefits, including a 10-year tax holiday and proximity to Indian markets.

Marquee sovereign funds bet over $50 mn on Blackstone-backed Indian company

VCCircle

VCCircle · 8m ago

Marquee sovereign funds bet over $50 mn on Blackstone-backed Indian company

Three prominent sovereign wealth funds, including Norway's Government Pension Fund Global, Singapore's GIC, and the UAE's Abu Dhabi Investment Authority (ADIA), have made significant investments in an Indian company backed by Blackstone. These funds have been actively investing in India for some time now and have chosen to invest in the company related to the world's largest private equity firm. The exact amount of their investment has not been disclosed.

JSW Fund I exits Purplle with 2.7X return

Entrackr

Entrackr · 1y ago

JSW Fund I exits Purplle with 2.7X return

JSW Ventures has sold its shareholding in online beauty marketplace Purplle to Manipal Education & Medical Group Family Office (MEMG), earning a 2.7-fold return on its investment. This marks a secondary transaction for Purplle this year, following JSW Ventures' previous sale to Abu Dhabi Investment Authority (ADIA). JSW Ventures had initially invested in Purplle's Series A round in 2016. Purplle recently raised $33 million in a Series E funding round, achieving a unicorn valuation of $1.1 billion.

Purplle plans offline push amid talks to raise $100 million from Abu Dhabi fund

Livemint

Livemint · 1y ago

Purplle plans offline push amid talks to raise $100 million from Abu Dhabi fund

Online retailer Purplle is reportedly negotiating with Abu Dhabi Investment Authority (ADIA) for a $100 million investment, primarily through a secondary transaction. This potential investment would support Purplle's plans to open more offline stores in addition to its two current locations. The company is looking to tap into the offline market as consumers seek hybrid shopping experiences and gradually resume pre-pandemic lifestyles. Purplle plans to expand its offline presence while continuing to focus on its online operations, where it currently generates 99% of its revenue.

From Purplle To Matter – Indian Startups Raised $176 Mn This Week

Inc42 · 1y ago

From Purplle To Matter – Indian Startups Raised $176 Mn This Week

Indian startups secured approximately $176 million in funding across 16 deals between July 1 and July 6. The largest funding activity was the $120 million investment in Purplle by Abu Dhabi Investment Authority. Agritech startup Arya.ag, based in Delhi NCR, is also in the process of raising $29 million from a new investor, Blue Earth Capital.

ADIA is the big loser as Indian fintech Mobikwik slashes valuation in IPO

VCCircle

VCCircle · 8m ago

ADIA is the big loser as Indian fintech Mobikwik slashes valuation in IPO

Abu Dhabi Investment Authority (ADIA), a sovereign wealth fund, is among several private market investors in One MobiKwik Systems Ltd who will face paper losses as the Indian fintech company plans to go public at a reduced valuation. The company is set to launch its initial public offering (IPO) next week, but at a deep discount. ADIA is one of at least five investors who will likely experience losses.

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