Purple Style Labs raises $40 Mn in Series E funding

Purple Style Labs (PSL), the parent company of Pernia’s Pop-Up Shop, has secured approximately $40 million in Series E funding, led by SageOne Flagship Growth OE Fund, Alchemy Long Term Ventures Fund, Bajaj Holdings & Investment, and Minerva Ventures Fund, including secondary investments.

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

Existing investors such as Singularity Growth Opportunities Fund I, Pidilite Family Office, Signet Family Office, Rupa Family Office, Kiran Gems Family Office, among others, also participated.

Entrackr exclusively reported on this round on Wednesday.

According to Abhishek Agarwal, Founder of Purple Style Labs, this capital infusion will fuel the company's aggressive expansion plans both domestically and internationally while strengthening its omnichannel capabilities to enhance the shopping experience for Indian fashion globally.

Agarwal added that since acquiring Pernia's Pop-Up Shop in 2018, PSL has scaled it more than 100 times in less than seven years.

Since this strategic acquisition, PSL has established over 15 Pernia’s Pop-Up Shop experience centres worldwide, offering womenswear, menswear, jewellery, and accessories. These stores span major cities such as Mumbai, Delhi, Bengaluru, Hyderabad, Kolkata, Ahmedabad, Chennai, Surat, Indore, and an international store in Mayfair, London.

Purple Style Labs (PSL) claims to have achieved a more than 100% CAGR growth between FY21 and FY24, with consolidated revenue exceeding Rs 500 crore in FY24.

The company is now gearing up for an initial public offering (IPO) in 2026 and has set a target of $200 million in gross sales for the upcoming year.