Purple Style Labs Plans to Raise Rs 750 Crore through IPO

Purple Style Labs (PSL), the parent entity of Pernia’s Pop-Up Shop (PPUS), aims to secure Rs 750 crore ($85 million) via a new share issue during its forthcoming initial public offering (IPO).

Regulatory documents reviewed by Startup Superb show that the company’s board has authorised a special resolution for the issuance of up to Rs 750 crore in new equity, without indicating any offer for sale (OFS). The documents also suggest a potential pre-IPO placement amounting to Rs 140 crore. Should this be finalised, the overall offer size will decrease based on the number of shares allocated during the placement.

Media reports indicate that the company is likely to go public in 2026. In March, Purple Style Labs (PSL) successfully raised approximately $40 million in its Series E funding round, which was led by SageOne Flagship Growth OE Fund and Alchemy Long Term Ventures Fund. This funding round also featured investments from various celebrities and sports figures, such as Salman Khan and Sachin Tendulkar. Queries directed to Purple Style Labs did not receive an immediate reply.

Founded in 2015 by Abhishek Agarwal, Purple Style Labs serves as a premium fashion platform, which includes Pernia’s Pop-Up Shop and The Stylist. After acquiring Pernia’s in 2018, the company has expanded to more than 15 experience centres across major Indian cities and in London.

According to startup data intelligence platforms, the Mumbai-based company has obtained more than $87 million in funding to date from investors including Binny Bansal, Volrado Venture Partners, and others.

Purple Style Labs’ operational revenue surged by 36% year-on-year, reaching Rs 508 crore in FY24, up from Rs 372 crore in FY23. However, losses increased by 20%, amounting to Rs 45.6 crore. The company has yet to submit its financials for FY25.