Purple Style Labs (PSL), the parent company of Pernia’s Pop-Up Shop (PPUS), has secured $8 million in Series D funding led by Sanket Parekh of Pidilite Family Office. The round also saw participation from Signet (Harish Shah Family Office), Hira Group Family Office and other investors such as Neelesh Bhatnagar, Masaba Gupta, Rahul Garg, Atul Gupta, and Singularity Growth Opportunities Fund I.
This is the second financing round for the Mumbai-based company in 2023. In April, it scooped up $14 million in Series C round. According to Purple Style Labs, its valuation has soared to $352 million with the latest investment. The company has raised nearly $50 million to date.
Founded in 2015 by Abhishek Agarwal, Purple Style Labs is an omnichannel luxury fashion platform where people can discover and buy Indian designer wear. Purple Style Labs wants to build a fashion house comprising two multi-designer platforms – Pernia’s Pop-Up Shop and the Stylist.
Since the strategic acquisition of Pernia’s Pop-Up Shop in 2018, Purple Style Labs has opened 15 Pernia’s Pop-Up Studio experience centres globally, catering to both womenswear and menswear. These stores span across major cities like Mumbai, Delhi, Bengaluru, Hyderabad, Kolkata, Ahmedabad, Surat and an international store in Mayfair, London.
According to startup data intelligence platform TheKredible, the company’s revenue soared 4X to Rs 174.56 crore in FY22 from Rs 44.05 crore in FY21. PSL claims that it has achieved more than 100% year-on-year growth for the last two years, closing FY23 with gross sales of more than $60 million (Rs 500 crore) on a consolidated basis.
The firm plans to achieve $200 million (Rs 1,600 crore) gross sales in the next two-three years and eye for an IPO in 2026.
Purple Style Labs competes with ShopStyle, IndianRoots, Arvind Fashion, FabIndia, and Jivaana, among others.