Purple Style Labs Raises $40Mn Series E Funding From SageOne fund, Others

Luxury fashion brand Purple Style Labs, the parent company of Pernia’s Pop-Up Shop, has raised about $40 million in funding in a Series E round led by SageOne Flagship Growth OE Fund, Bajaj Holdings & Investment, Alchemy Long Term Ventures Fund and Minerva Ventures Fund.

The round also saw participation from new investors including Kemfin Family Office, Cordelia Family Trust, S Four Capital, Sopariwala Exports, Salil Taneja Family Office, PKM Capital (Mehta Family Office), Satyen Kanoria, Ritesh Kamani, along with several designers, celebrities, sports personalities and other investors.

Purple Style Labs was valued at nearly Rs 3,000 crore during its last funding round in 2023, when it raised $8 million.

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The new funds will help the company expand both in India and internationally while improving its omnichannel capabilities. This year, PSL plans to open India's largest multi-designer luxury retail store at the Ismail Building in Fort, Mumbai. 

The company also aims to expand into fashion hubs like New York, Los Angeles, Dubai and Delhi, and strengthen its presence in Tier II cities in India.

“Post acquiring Pernia's Pop-Up Shop in 2018, we have scaled it over 100x in less than seven years, transforming it into one of India’s largest luxury fashion destinations,” founder Abhishek Agarwal said.

“Looking ahead, we are committed to expanding our footprint in key global fashion capitals like New York, Los Angeles, Dubai, Mumbai and Delhi, alongside deepening our presence in India with new stores in tier-II markets,” Agarwal added.

The company said it has achieved a compound annual growth rate (CAGR) of over 100% from FY21 to FY24, with total revenue exceeding Rs 500 crore in FY 2023-24.

About Purple Style Labs

Founded in 2015 by Abhishek Agarwal, the Mumbai-based Purple Style Labs (PSL) is an omnichannel luxury fashion platform that specializes in Indian designer wear. The company runs two multi-designer platforms: Pernia’s Pop-Up Shop and The Stylist.

The shop offers products from over a dozen bridal and occasion-wear brands, including Tarun Tahiliani, Falguni Shane Peacock and Amit Aggarwal.

These stores sell a variety of womenswear, menswear, jewelry, and accessories, with locations in cities like Mumbai, Delhi, Bengaluru, Hyderabad, Kolkata, Ahmedabad, Chennai, Surat, Indore and London.

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