Purple Style Labs (PSL), the umbrella organization for Pernia’s Pop-Up Shop (PPUS), has successfully raised $8 million in Series D funding. The financing was spearheaded by Sanket Parekh from Pidilite Family Office. Noteworthy contributors in this funding round include Signet (Harish Shah Family Office), Hira Group Family Office, and several prominent investors like Neelesh Bhatnagar, Masaba Gupta, Rahul Garg, Atul Gupta, and Singularity Growth Opportunities Fund I.
This marks the second funding round for Mumbai-based company Purple Style Labs in 2023. Having previously secured $14 million in a Series C round in April, the latest investment has propelled the company’s valuation to $352 million. Purple Style Labs has now raised nearly $50 million in total.
Established in 2015 by Abhishek Agarwal, Purple Style Labs stands as an omnichannel luxury fashion platform, providing a space for individuals to explore and purchase Indian designer wear. The company aspires to create a fashion conglomerate, encompassing two multi-designer platforms – Pernia’s Pop-Up Shop and the Stylist.
Following the strategic acquisition of Pernia’s Pop-Up Shop in 2018, Purple Style Labs has expanded its presence globally by establishing 15 Pernia’s Pop-Up Studio experience centers. These centers cater to both womenswear and menswear and are situated in key cities such as Mumbai, Delhi, Bengaluru, Hyderabad, Kolkata, Ahmedabad, Surat, and an international location in Mayfair, London.
As per the startup data intelligence platform TheKredible, the company experienced a remarkable fourfold increase in revenue, reaching INR 174.56 crore in FY22 compared to INR 44.05 crore in FY21. Purple Style Labs asserts that it has sustained over 100% year-on-year growth for the past two years, concluding FY23 with consolidated gross sales exceeding $60 million (INR 500 crore).
The company aims to attain gross sales of $200 million (INR 1,600 crore) within the next two to three years and is set to explore the possibility of an IPO in 2026.
Purple Style Labs competes with ShopStyle, IndianRoots, Arvind Fashion, FabIndia, and Jivaana, among others.