Abu Dhabi Investment Authority (ADIA) has invested in Goldman-backed online beauty products retailer Purplle through a secondary purchase of shares from existing investor JSW Ventures, per an announcement on Tuesday.

While the transaction amount was not disclosed, media reports have pegged it to be in the region of  $40-60 million. The investment was made at a valuation of $1.1 billion, the same as in June 2022 when the Mumbai-headquartered startup raised $33 million in its Series E round from South Korea’s Paramark Ventures, Blume Ventures, Kedaara, and Premji Invest.

The partial exit by JSW Ventures in Purplle has generated an 18x return on the capital invested, the venture capital firm said in a statement.

JSW Ventures first invested in Purplle’s Series A round in 2016 from its first fund. The fund then participated in multiple rounds along Purplle’s journey of becoming a unicorn. Following this transaction, JSW Ventures has returned 2x of the Fund I corpus to its investors, the statement added.

“The partnership with JSW Ventures has been extremely fulfilling, their team has added immense value since the investment. Apart from providing capital, they have been hands-on, supporting us across various aspects of the business. We enter FY 2023-24 with a significant performance by marquee brands, strong investment trajectory, and aggressively pursuing business growth,” said Manish Taneja, co-founder & CEO at Purplle.

Founded in 2012 by IIT Delhi alumnus Taneja, and IIT Kharagpur and IIM Ahmedabad alumnus Rahul Dash, Purplle became India’s 102nd unicorn after securing financing in June last year. Purplle has raised a total of about $450 million from several investors to date.

The platform boasts 1000+ listed brands, 60,000+ products, and 7 million+ monthly active users. The startup expanded in 2022 with 6000+ offline touchpoints and eight exclusive stores. Purplle competes with the likes of Nykaa and SUGAR Cosmetics.