Exclusive: Purple Style Labs to raise Rs 750 Cr via fresh issue in IPO

Purple Style Labs (PSL), the parent company of Pernia’s Pop-Up Shop (PPUS), is set to raise Rs 750 crore ($85 million) through a fresh issue of shares as part of its upcoming initial public offering (IPO).

According to regulatory filings accessed by Entrackr, the company's board approved a special resolution to issue up to Rs 750 crore in fresh equity, with no mention of an offer for sale (OFS).

The filings indicate a potential pre-IPO placement of up to Rs 140 crore. If completed, the size of the main offer will be reduced by the number of equity shares issued in the placement.

As per media reports, the company is expected to go public in 2026.

In March, Purple Style Labs (PSL) raised around $40 million in its Series E round led by SageOne Flagship Growth OE Fund, Alchemy Long Term Ventures Fund. The round also saw the participation of several celebrities and sports personalities including Salman Khan and Sachin Tendulkar.

Queries sent to Purple Style Labs didn’t elicit any immediate response.

Founded in 2015 by Abhishek Agarwal, Purple Style Labs is a luxury fashion platform featuring Pernia’s Pop-Up Shop and The Stylist. Since acquiring Pernia’s in 2018, it has expanded to over 15 experience centers across major Indian cities and London.

According to startup data intelligence platform TheKredible, the Mumbai-based firm has raised over $87 million to date from investors including Binny Bansal, Volrado Venture Partners and others.

Purple Style Labs’ revenue from operations grew 36% year-on-year to Rs 508 crore in FY24 from Rs 372 crore in FY23, while losses rose 20% to Rs 45.6 crore. The company has yet to file its FY25 financials.