KKR, TPG Growth, ChrysCapital in Talks for Minority Stake in Purplle at $1.5 Billion Valuation

Indian beauty and personal care platform Purplle Cosmetics is in discussions with several large private equity firms, including KKR, TPG Growth and ChrysCapital, for the sale of a minority stake, according to people familiar with the matter.

The proposed transaction could value Purplle at around $1.5 billion (approximately ₹13,000 crore), marking a sharp step-up from its last reported valuation of $1.25 billion (₹10,000 crore). That valuation was established during a 2024 funding round led by the Abu Dhabi Investment Authority. The current round is expected to involve investments of about ₹1,800 crore, comprising a combination of primary capital to support expansion and secondary sales that would allow some existing shareholders to partially exit.

Founded in 2012, Purplle has built a sizeable presence in India’s fast-growing beauty e-commerce market. The platform offers more than 60,000 products across over 1,000 brands and attracts roughly 7 million monthly active users. In addition to hosting third-party brands, Purplle has developed a portfolio of in-house and acquired direct-to-consumer labels, including Faces Canada and Good Vibes. The company employs around 3,000 people and competes with established players such as Nykaa, Tira and Good Glamm.

Investor interest comes at a time when India’s beauty and personal care sector is witnessing sustained growth. The market is projected to expand at a compound annual growth rate of 10-11 percent to reach about $34 billion by 2028, up from $21 billion in 2024. Online channels are expected to be the key growth engine, with e-commerce sales forecast to grow at roughly 25 percent annually as brands increasingly adopt digital-first distribution strategies.

The potential deal also reflects the broader push by global and domestic private equity firms to deepen their exposure to India’s consumer sector. TPG Growth has previously made a successful exit from beauty retailer Nykaa, while ChrysCapital is an investor in WOW Skin Science. KKR, meanwhile, has an existing presence in the space through its investment in Vini Cosmetics.

If concluded, the transaction would reinforce Purplle’s position as one of India’s most valuable beauty platforms and provide fresh capital to strengthen its competitive position in an increasingly crowded and high-growth market.