FY25 stood out as a breakout year for the Mumbai-based unicorn. By doubling its top-line and strictly controlling overheads, Purplle has positioned itself as a lean competitor to Nykaa and Mamaearth ahead of its highly anticipated 2026 IPO.
The Revenue Surge: Doubling Down on Private Labels
Purplle’s operating revenue soared by 101%, reaching ₹1,367 crore in FY25, up from ₹680 crore in the previous fiscal.
- Owned-Brand Dominance: The primary engine of this growth was the sale of in-house brands like Faces Canada, Good Vibes, and NY Bae. This segment surged 4X to contribute ₹1,129 crore (82.5% of total revenue).
- Subsidiary Performance: Manash E-Commerce emerged as the strongest subsidiary, generating ₹989 crore, followed by Faces Canada at ₹373 crore.
Key Financial Comparison (FY24 vs. FY25)
| Metric | FY 2023-24 (Actual) | FY 2024-25 (Actual) | Change |
| Operating Revenue | ₹680 Crore | ₹1,367 Crore | ▲ 101% |
| Total Expenditure | ₹850 Crore | ₹1,478 Crore | ▲ 74% |
| Net Loss | ₹124 Crore | ₹69 Crore | ▼ 44% |
| EBITDA Margin | -12% | -7% | Improvement |
| Ad Spend | ₹209 Crore | ₹218 Crore | Stable |
Efficiency & Unit Economics
The company’s focus on sustainable growth is reflected in its improving unit economics:
- Procurement Optimization: While procurement costs jumped to ₹671 crore due to higher sales volume, the company managed to reduce its employee benefit expenses by 7% to ₹176 crore.
- Burn Rate: Purplle spent ₹1.08 to earn every rupee of operating revenue in FY25, a significant improvement from the ₹1.25 spent in FY24.
- Ad-to-Revenue Ratio: By maintaining advertising spend at ₹218 crore while doubling revenue, Purplle drastically reduced its marketing-to-sales ratio, a key metric for D2C profitability.
Funding and IPO Readiness
The narrowing losses follow Purplle’s successful $180 million Series F funding round in late 2024, led by the Abu Dhabi Investment Authority (ADIA).
- Cash Position: As of March 31, 2025, the company maintained a healthy cash balance of ₹273 crore.
- Valuation: The latest internal assessments peg the company’s valuation at approximately $1.3 billion.
- 2026 Outlook: With revenue momentum nearing Nykaa’s pre-IPO levels, analysts expect Purplle to file its Draft Red Herring Prospectus (DRHP) by late 2026, targeting a public listing shortly thereafter.
Conclusion: The “Code for Growth” Cracked
Purplle’s FY25 performance demonstrates that it has successfully “cracked the code” for scaling an omnichannel beauty business without infinite burn. By pivoting toward high-margin private labels and optimizing its logistics (transportation costs stood at ₹100 crore), the company is on track to achieve break-even by FY26, making it a prime candidate for a successful market debut.
