Purple Style Labs Gets Board Nod To Raise INR 750 Cr Via IPO

Amid the ongoing startup IPO boom in India, premium house of brands Purple Style Labs (PSL) is preparing to launch its public listing bid soon.

As per the startup’s filings with the MCA, its board  approved the proposal to undertake an IPO comprising a fresh issue of equity shares aggregating up to INR 750 Cr on August 28. Besides, the startup may also look to raise up to INR 140 Cr in its pre-IPO placement round. 

Inc42 has reached out to the startup to get more clarity on its listing plans. The story will be updated based on the responses. Entrackr was the first to report this development.

While there has been no clarity shared by the startup on its IPO’s timeline, a report noted that the fashion brand would be eyeing a listing in 2026.

Founded in 2015 by Abhishek Agarwal, Purple Style Labs is an omnichannel luxury fashion house that counts Indian designer brands like Pernia’s Pop Up Studio & Shop, Wendell Rodricks, Hemant Trevedi in its portfolio. It operates over 15 Pernia’s Pop-Up Studio experience centres in India and one in London. 

The startup has raised over $78 Mn till date from investors like Harish Shah Family Office, Masaba Gupta, among others. It last raised $40 Mn in its Series E round in March to fuel international expansion and strengthen its omnichannel capabilities.

Back then, Purple Style Labs claimed to have grown at a CAGR of over 100% between FY21 to FY24, with its consolidated revenue crossing the INR 500 Cr mark in FY24. In FY24, the startup saw its operation revenue surged 36.4% to INR 507.8 Cr from INR 372.4 Cr in FY23. 

However, its net losses also zoomed about 20% to INR 45.7 Cr in FY24, from INR 38.1 Cr in the previous year. The startup is yet to file its financial statement for FY25.