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HomeInsightFunding Alert Purple Style Labs raises $10 mn in Series B round

[Funding alert] Purple Style Labs raises $10 mn in Series B round

Luxury fashion ecommerce platform Purple Style Labs, has raised $10 million in its Series B funding round from Akash Bhansali (Director, Enam Holdings), and other investors.

Luxury fashion ecommerce platform Purple Style Labs, has raised $10 million in its Series B funding round from Akash Bhansali (Director, Enam Holdings), and other investors.

Many investors including Madhuri Dixit Nene( Bollywood Actress); Yuj Ventures/Sid Yog (Founder, Xander Group); Navroz Udwadia (Co-founder, Alpha Wave Global); Mukul Agrawal (Founder, Param Capital); Rahul Kayan (Director, SMIFS Ltd); Rishi Vasudev (Co-founder, G.O.A.T. Brand Labs); Rahul Garg (Partner, Premji Invest); Harminder Sahni (Wazir Advisors); Vineet Gautam (CEO, Bestseller India), and Sumit Jalan, also participated in this round.

The company plans to use the funds to expand its existing footprint in Mumbai, Delhi and Hyderabad, apart from opening in new cities such as Chennai and Surat. It also plans to expand into international markets with retail stores in New York and Dubai over the next 12-18 months.

The Mumbai-based Purple Style Labs, owner of Pernia’s Pop-Up Shop was founded in 2015 by Abhishek Agarwal, It incubates young designer brands and helps them with sales, marketing and technical support.

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Since its acquisition, Pernia’s pop-up shop claims to get 75 percent of its online sales from international markets.

“While most of the Indian designers were able to build strong brand equity with consumers, they could not make it commercially viable and scale up to becoming a large business. Sensing this opportunity in the industry, combined with a personal interest in luxury fashion, led to the inception of Purple Style Labs”, said, Abhishek Agarwal, Founder, Purple Style Labs.

The company has seen a growth of 50X between 2018-2022.

The e-commerce company has opened 10 Pernia’s pop-up studio experience centers in Mumbai, Delhi, Bengaluru, Hyderabad, Kolkata, Ahmedabad and a global store in London, UK.

Commenting on the investment, actress Madhuri Dixit Nene said, “India has always had a rich history in culture, and this has constantly seeped into the fashion industry. This thought has been brought into the forefront by Purple Style Labs as they have given a new meaning and outlook to India’s luxury fashion industry.”

Read also – [Funding alert] Karomi Technology raises $2 mn in Pre-Series A round

“I have been highly impressed with their curation of refreshing designs, colours, quality and texture. They have a great sense of the market, and I believe that soon they would be a company to watch out for. Their biggest asset is recognising Indian designers and giving them an international platform to be discovered,” she added.

In December 2021, The Company had acquired the fashion label Wendell Rodricks and expected to grow to a run rate of Rs 100 crore in the next three years.

About Purple Style Labs

Purple Style Labs endeavours to build the biggest Luxury Fashion House in India comprising of designer platforms like Pernia’s Pop-Up Shop. Bringing together truly exceptional houses, with an online and offline presence, Purple Style Labs is creating favourite destinations to discover Indian designer wear in truly unique settings. With the idea of selling a lifestyle and not simply a product, they aspire to create a platform that gives  their customers a memorable shopping experience and foster the growth of Indian brands and designers. Exclusivity & creativity trumps all, hence they strive to give  niche brands that have the potential to transform wardrobes!

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