Billionaire investor Ranjan Pai, the chairman of the Manipal Group, is in talks to make a significant investment in the beauty ecommerce unicorn Purplle, according to a Moneycontrol report.
According to Moneycontrol, Pai is likely to buy JSW Ventures’ shares in the firm for Rs 60-70 crore. This would be the second instance of JSW Ventures offloading shares in Purplle in five months. In May, JSW Ventures sold a partial stake to Abu Dhabi Investment Authority (ADIA), scoring an 18X return on its initial investment.
Pai has invested in companies including Byju’s, FirstCry, BlueStone, among others.
Established in 2012 by Manish Taneja and Rahul Dash, Purplle has investments from Premji Invest, Blume Ventures, Kedaara Capital, Goldman Sachs etc. The platform hosts numerous homegrown direct-to-consumer (D2C) products and other leading brands from the category.