Binny Bansal, others invest $3 Mn in Purple Style Labs and Pernia’s Pop Up Shop JV

funding

Online luxury fashion store Pernia’s Pop Up Shop has floated a joint venture with Purple Style Labs(PSL) for business growth and expansion across all modes of retail channels. The joint entity also has raised $3 million from Flipkart’s Binny Bansal, PayU India’s Jitendra Gupta and Astarc Ventures.

Existing investors including Calcutta Angels, Operator VC also participated in the round.

The fund raised will be used in building an omnichannel sales network for Pernia’s Pop Up Shop and to scale the Indian designer brands growth in local and overseas markets.

Through this partnership, PSL aims at building a giant Luxury Fashion House based out of India, in the form of a strong multi-brand retailing platform, with an international focus.

The joint venture has already expanded into offline stores called ‘Pernia’s Pop-Up Studio’ in Mumbai and Delhi.

Founded in 2015, Purple Style manages multiple designer brands in the premium, luxury, and affordable retail segments. The startup combines designing and styling on a single platform to provide a unique experience to the end-consumer.

On the other hand, launched in 2012 by Pernia Qureshi, Pernia’s Pop Up Shop has already built a strong foothold globally and enables sales of Indian designer-wear from its website.

By this year, both companies have planned 10 multi-designer stores in major cities including Mumbai, Delhi, and 3 international locations.

In 2016, Calcutta Angels Network, LetsVenture, and others had pumped in Rs 3 crore into Purple Style Labs.

Binny Bansal’s investment in his personal capacity comes a month later when he said that Flipkart would not invest aggressively in startups unless it is a strategic fit.

Earlier he invested in some notable startups including Inshorts, Ather Energry and Unacademy, Roposo, MadRatGames. His ex-partner and co-founder of the Bengaluru-based e-commerce firm Sachin Bansal (now left) also participated in some of the aforementioned startups with Binny Bansal.

The development was reported by ET.

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here