Exclusive: Purple Style Labs Raises INR 12.6 Cr From Binny Bansal, Others

Mumbai-based fashion label Purple Style Labs has raised INR 12.6 Cr in multiple tranches from May 2019 to March 2020. Lemon Innovision Ventures, Progressive Consultancy, Foray Universal Consultancy, Premier Financial Services, Vistra ITCL, Astarc Ventures, BNM Fincorp, Lemon Innovision Ventures, and a few angel investors have invested in the company during this period.

Some of the notable angel investors include Flipkart cofounder Binny Bansal, Flipkart senior vice president Rishi Vasudev, House of Anita Dongre director Mukesh Sawlani, and GoQuest Media founder Vivek Lath.

According to the ministry of corporate affairs (MCA) filing, accessed by Inc42, Purple Style Labs received INR 1.34 Cr on March 9, 2020. Prior to this, the startup had raised INR 2.5 Cr and INR 42.75 Lakhs in multiple tranches January and February this year.

In 2019, the startup had raised INR 8.34 Cr in various tranches in May, August, November, and December. As part of these transactions, Purple Style Labs has allotted 1545 preference shares at a premium of INR 56,990 with a nominal price of INR 10. The company has also allotted 1015 preference shares at a premium of INR 31,990 with a nominal price of INR 10.

Founded by Abhishek Agarwal in 2015, Purple Style Labs incubates young designer brands and helps them with sales, marketing, and technical support. In 2018, the startup had partnered with New-Delhi-based online luxury fashion store Pernia’s Pop Up Shop for business expansion across all modes of retail channels, both in domestic and international markets. Purple Style Labs said it aims to build a luxury fashion label from India through strong multi-brand retailing and an international focus.

Then in August 2019, Purple acquired Pernia’s Pop Up Shop for an undisclosed amount. At the time, Purple Style Labs said it plans to open 10 international and 20 stores in India in the next 24 months. It projected annual revenue of $42 Mn across channels till 2021.

Prior to this, Purple Style Labs had raised $3 Mn (INR 22.3 Cr) in funding from angel investors including Bansal, PayU India’s Jitendra Gupta, and Astarc Ventures in August 2018. Existing investors including Calcutta Angels and Operator VC had also participated in the round. In September 2016, the startup had raised about $448K (INR 3 Cr) seed funding via LetsVenture.

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