(MENAFN- Live Mint) "Mumbai: JSW Ventures has sold its stake in beauty and personal care brand Purplle to Manipal Education & Medical Group Family Office (MEMG), the family office of Ranjan Pai, chairman of the Manipal Group, a joint release said to people in the know, JSW invested ₹12 crore in Purplle in 2016 and has clocked an overall return of around 18x on its investments from the sale to Manipal Group. The company had earlier sold a partial stake to Abu Dhabi Investment Authority (ADIA) in May this transaction, JSW Ventures has fully exited Purplle from its Fund I and has 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 is a fund-returner investment for JSW Ventures, having harvested more than the entire fund amount. JSW Venture had invested in Purplle through its first fund of ₹100 crore. A fund returner investment is the one where a single investment makes more than the entire fund amount.“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. We continue to stay invested in Purplle from our second fund and wish the team at Purplle continued success,” said Sachin Tagra, managing partner at JSW Ventures.“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,” said Manish Taneja, cofounder and CEO, Purplle in 2012, Purplle is one of India's largest e-beauty destinations with over 1,000 brands and nearly 50,000 products on its website and app. Its investors include JSW Ventures, Kedaara, Premji Invest, Sequoia Capital India, Goldman Sachs and Verlinvest.“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,” Dr. Ranjan Pai said.
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