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Purplle post ₹69 cr loss in FY25, Revenue Doubles to ₹1,367 Cr

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)

MetricFY 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 CroreStable

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.

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