Making its first investment in Purplle in 2020 and being a partner to the multi-brand omnichannel brand ever since, Spring Marketing Capital has now decided to take a part-exit from the IPO-bound company.
Taking a part-exit from Purplle, the marketing capital firm will continue to be shareholders in the company and are ‘excited’ to see what lies ahead in their path to IPO and beyond.
Announcing the development via a blog post, Spring Marketing Capital, mentioned, “While this is a celebratory moment, we’re also overwhelmed with gratitude towards Manish Taneja, Rahul Dash, and Suyash Katyayani who welcomed Spring into their cap table when we were absolute new kids on the block with an untested, unproven idea that had no global comparable: offering our marketing expertise and experience as the key reason for founders to accept our capital – hence Marketing Capital and not venture capital as we decided to call ourselves.”
That being said, in the past three-and-a-half years, the marketing capital firm which made its first investment of $1 million from its maiden fund in Purplle in November 2020 has helped the brand build not just its platform but also launch multiple new initiatives, a brand new identity, and even foray into offline channels.
“It has been a learning experience for Spring since then and we owe a lot to Manish for having faith in us and trusting us in our early days. And of course, thanks to our fantastic LPs who believed in us and backed our first fund. This distribution in what is just the fund’s 4th year of operations is hopefully a small vote of thanks to them from all of us at Spring,” it added.
Taking to LinkedIn, Raja Ganapathy, Founding Partner, Spring Marketing Capital, also mentioned, “Thrilled to announce our part exit from Purplle, a small step in their journey but a huge milestone for us. Feel very proud of the Spring team that over the last ~3.5 years has worked closely with the Purplle founders and team to help build the platform brand as well as partner with them for all new initiatives including brand launches, Purplle brand identity creation and their successful move into offline. We have immense faith in Purplle and their team’s executional prowess, we are happy to continue to be shareholders and are excited to see what is ahead in their path to IPO and beyond.”
“I cannot thank Manish enough for having faith in us and trusting us in our early days. A huge shout out to Arjun Anand for believing in Spring, leading the Verlinvest anchor investment in us and introducing Purplle.com to us. I will never forget that first meeting with Manish in his office where he explained the current and future business model with deep clarity and intensity of purpose- Arun Iyer, Vineet Gupta and I walked away converted to the Purplle cause and desperately wanting to invest. Thanks to all our co-investors and fellow cap table partners who have been supportive of our investment and our brand efforts for the company,” he added.
