Purple Style Labs Bags $40 Mn To Strengthen Its Omnichannel Play

Purple Style Labs Secures $40 Mn For Business Expansion

SUMMARY

The investment was led by SageOne Flagship Growth OE Fund, Alchemy Long Term Ventures Fund, Minerva Ventures Fund as well as Bajaj Holdings and Investment

Purple Style Labs is looking to expand its footprint in New York, Los Angeles, Dubai, Mumbai and Delhi

Since its inception, the company has raised $78.37 Mn including the new capital raise

Pernia’s Pop-Up Shop parent Purple Style Labs has raised $40 Mn (INR 348.2 Cr) in its Series E funding round, which was a mix of primary infusion and secondary share sale.

While 40% of the amount was raised via primary infusion, the remaining 60% was secondary transaction.

The round was led by SageOne Flagship Growth OE Fund, Alchemy Long Term Ventures Fund, Minerva Ventures Fund and Bajaj Holdings and Investment. Additionally, the round 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), among others, and existing investors.

Notably, according to the startup’s regulatory filing, celebrities like Shraddha Kapoor, Sachin Tendulkar, Salman Khan, and Surya Kumar Yadav also invested in the round.

Founded in 2015 by Abhishek Agarwal, Purple Style Labs is a retailer for high-end designer brands under Pernia’s Pop-Up Shop brand, which it acquired in 2018. The startup incubates young designer brands and aids in sales, marketing, and technical support.

Commenting on the funding, Agarwal said, “This capital infusion will fuel our aggressive expansion plans, both domestically and internationally, while strengthening our omnichannel capabilities to bolster the shopping experience for Indian fashion globally.”

He added that the startup wants to expand its footprint in key global fashion capitals like New York, Los Angeles, Dubai, Mumbai and Delhi, alongside deepening its presence in India with new stores in Tier II markets.

The startup currently claims to operate over 15 Pernia’s Pop-Up Studio experience centres in India and one in London.

Purple Style Labs last raised $8 Mn in November 2023. Overall, it has raised a total funding of more than $50 Mn to date. It counts Sanket Parekh of Pidilite Family Office, Signet (Harish Shah Family Office), Hira Group Family Office, Singularity Growth Opportunities Fund I, Neelesh Bhatnagar (NB Ventures) and Masaba Gupta, among others, as its investors.

Purple Style Labs claims to have grown at a CAGR of over 100% between FY21 to FY24, with its consolidated revenue crossing the INR 500 Cr mark in the previous fiscal year.