Purple Style Labs Secures Rs 102 Crore Funding

Purple Style Labs, the parent organisation behind Pernia’s Pop-Up Shop, is successfully raising Rs 102 crore (around $12 million) through a new funding round that includes more than eighty investors.

The board at Purple Style Labs approved a special resolution to release 2,040 preference shares priced at Rs 5,00,000 each in the past three months to secure the Rs 102 crore or $12 million, as indicated by regulatory documents from the Registrar of Companies (RoC).

Key Investors in the Funding Round

Minerva Ventures Fund, Cordelia Family Trust, S Four Capital, and Sopariwala Exports have committed to invest Rs 10 crore, Rs 5 crore, Rs 6 crore, and Rs 5 crore respectively. The rest of the funds will come from individual contributors, including notable figures like Sachin Tendulkar, Salman Khan, Surya Kumar Yadav, Shraddha Kapoor, Sailesh Gupta, Pravesh Dhandhania, Fahim Sultan Ali, along with 73 additional individual investors.

Utilisation of Funds

These funds will be utilised for general corporate purposes as well as to meet the company’s working capital needs. Following estimates from Startup Superb, the valuation of Purple Style Labs post-allotment is expected to be around $400 million.

Company Overview and Growth Trajectory

Established in 2015 by Abhishek Agarwal, Purple Style Labs operates as a luxury fashion platform that encompasses Pernia’s Pop-Up Shop and The Stylist. Since acquiring Pernia’s Pop-Up Shop in 2018, the company has expanded to 15 experience centres located in major Indian cities and London.

Purple Style Labs reported a year-on-year growth of 36%, with revenues climbing to Rs 508 crore in the last financial year, up from Rs 372 crore in FY23. Nevertheless, this growth was not without its challenges, as losses climbed by 20%, totalling Rs 45.6 crore in the previous fiscal year.

Future Plans: IPO and Sales Target

Purple Style Labs is in the midst of preparations for an initial public offering (IPO) scheduled for 2026, setting an ambitious goal of achieving $200 million in gross sales for the forthcoming year.