MUMBAI – 31st October 2023 JSW Ventures has exited its shareholding in Purplle through a sale to Manipal Education & Medical Group Family Office (MEMG). Commenting on the investment, Dr. Ranjan Pai, Chairman of the Manipal Group said: “With their vision and dedication, the Purplle team, has created a digital ecosystem that revolutionizes how Indian consumers discover and experience beauty products. We are excited to be part of Purplle’s journey as they scale up.”
With this transaction, JSW Ventures has fully exited their stake in Purple from Fund I and they have returned 2.7x of the fund size to their investors so far. JSW Ventures Fund I continues to track at a top quartile Internal rate of return (“IRR”) and Distributed to Paid-in Capital (“DPI”) among funds of an identical vintage.
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% IRR. We are delighted to announce that with this exit, we have returned 2.7 times the corpus of the first fund. It has been our privilege to partner with Manish, Rahul and Suyash on their remarkable journey. We continue to stay invested in Purplle from our second fund and wish the team at Purplle continued success.”
Commenting on the investment, Manish Taneja, Co-Founder and CEO at Purplle said, “We welcome Dr. Ranjan Pai to Purplle and are pleased to provide a great exit to JSW Ventures Fund 1. As we build Purplle into a remarkable data and technology led beauty company, we are excited about the value-add that Dr. Pai can add. We are grateful to the JSW Ventures team for all the support extended to us since 2016.”