.Manish Taneja, cofounder and also chief executive officer, PurplleBeauty merchant Purplle published a 43% increase in operating revenue to Rs 680 crore for the financial year finished March 31, 2024, coming from Rs 475 crore in FY23. The firm's consolidated net loss limited by 46% to Rs 124 crore from Rs 230 crore a year back. Overall expenditures increased to Rs 850 crore in FY24 coming from Rs 738 crore a year earlier. A significant amount of the expenditure was credited to fringe benefit costs which rose to Rs 191 crore from Rs 170 crore.The acquisition of stock-in-trade increased to Rs 124 crore from Rs 102 crore, while various other expenses rose to Rs 501 crore from Rs 453 crore. On July 1, ET mentioned that the Mumbai-based company reared Rs 1,000 crore ($ 120 million) in a financing round led through sovereign fund Abu Dhabi Assets Authorization (ADIA), valuing the unicorn at $1.3 billion. Indian household offices participated in as new shareholders, with preliminary angel entrepreneurs and existing endorsers such as Goldman Sachs and also Verlinvest partially selling stakes.The firm had also introduced its own biggest worker stock possession program (Esop) buyback program to offer liquidity of Rs 50 crore to its own employees.Purplle, which was actually started by Manish Taneja and Rahul Dashboard in 2012, takes on the similarity Nykaa as well as Glucose Cosmetics. Taneja had actually associated the continued capitalist passion to good company growth.The startup, which is backed through entrepreneurs including Premji Invest and Manipal team chief Ranjan Pai, plans to maintain its technology-first method as it targets to broaden its own existence in tier-II and tier-III urban areas.
Released On Sep 12, 2024 at 08:56 AM IST.
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