Ranjan Pai, a seasoned investor is set to invest in Purplle, an ecommerce marketplace of cosmetics and personal care items, by purchasing JSW Ventures’ shares in the company for between Rs 60 and Rs 70 crore.
This would be JSW Ventures’ second sale of Purplle stock in the previous five months. It earned an 18x return on its initial investment in May when it sold a portion of the company to Abu Dhabi Investment Authority (ADIA).
Around 2.8 per cent of the beauty unicorn was owned by JSW as of July.
The previous secondary deal was completed at a valuation of USD 1.1 billion, but it wasn’t immediately apparent what that would be for the current round.
In the largest transaction ever made by a private equity fund in India’s healthcare industry, Pai just sold Temasek in Singapore a controlling share in his chain of hospitals, Manipal Hospitals. He oversees the Manipal group of academic institutions as well.
Pai has recently started investing actively in startups, purchasing interests in companies including edtech player Byju’s, children’s merchandise retailer FirstCry, and jewellery player BlueStone, among others.
Pai purchased a stake in the Mumbai-based business from JSW Ventures for Rs 60 to 70 crore in a secondary market transaction.
Purplle raised USD 40 to USD 50 million in May. Purplle had raised a tiny primary component from South Korea’s Paramark Ventures, an existing investor in the business, in addition to the secondary market deal with ADIA.
Purplle, which values the business at USD 1.1 billion, has secured about USD 450 million from Premji Invest, Blume Ventures, Kedaara Capital, a local private equity firm, Goldman Sachs, and other investors to contribute in the round.
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