Purple Style Labs Secures $40 Million in Series E Funding

Purple Style Labs (PSL), which is the parent entity of Pernia’s Pop-Up Shop, has successfully raised around $40 million in Series E financial backing. This round was spearheaded by SageOne Flagship Growth OE Fund, Alchemy Long Term Ventures Fund, Bajaj Holdings & Investment, and Minerva Ventures Fund, along with secondary capital contributions.

This funding round also included contributions from S Four Capital, Sopariwala Exports, Kemfin Family Office, Cordelia Family Trust, Weikfield Family Office, Salil Taneja Family Office, PKM Capital (Mehta Family Office), and industry figures such as Satyen Kanoria and Ritesh Kamani, among others, including notable designers, celebrities, and sports personalities.

Additionally, existing shareholders like Singularity Growth Opportunities Fund I, Pidilite Family Office, Signet Family Office, Rupa Family Office, and Kiran Gems Family Office also took part in this round.

Startup Superb provided exclusive coverage of this fundraising event on Wednesday.

Expansion Plans Driven by Funding

According to Abhishek Agarwal, the Founder of Purple Style Labs, this financial injection will drive their robust expansion strategies nationwide and overseas while reinforcing their omnichannel capabilities to improve the online shopping journey for Indian fashion on a global platform.

Agarwal noted that since the acquisition of Pernia’s Pop-Up Shop in 2018, PSL has increased its scale more than 100 times in under seven years.

Pernia’s Pop-Up Shop Experience Centres

Following this strategic acquisition, PSL has launched over 15 Pernia’s Pop-Up Shop experience centres across the globe, providing an array of womenswear, menswear, jewellery, and accessories. These retail stores are located in key cities such as Mumbai, Delhi, Bengaluru, Hyderabad, Kolkata, Ahmedabad, Chennai, and Surat, with an international outlet situated in Mayfair, London.

Financial Growth and Future Goals

Purple Style Labs highlights that it has achieved over 100% compound annual growth rate (CAGR) between FY21 and FY24, with combined revenue surpassing Rs 500 crore in FY24.

The company is now preparing for an initial public offering (IPO) set for 2026 and aims to reach $200 million in gross sales in the upcoming year.