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Purple Style Labs Fundraising: The fresh capital will be deployed towards expanding the Mumbai-headquartered firm’s retail footprint and strengthening its omni-channel capabilities.
Purple Style Labs unveiled the first-ever Pernia’s Pop-Up Studio in Mumbai’s prime location, Juhu, in July 2018.
Purple Style Labs (PSL), which was in news recently for taking on lease a 60,000-square-feet retail space that housed fashion giant Zara, on Thursday said it has raised $40 million (about Rs 350 crore) in Series-E funding. The funding round was led by SageOne Flagship Growth OE Fund, Alchemy Long Term Ventures Fund, Bajaj Holdings & Investment and Minerva Ventures Fund.
Purple Style Labs (PSL) is the parent company of Pernia’s Pop-Up Shop. It is a Mumbai-based prominent luxury fashion house, which was established in 2015 by Abhishek Agarwal, an IIT Bombay graduate.
The fresh capital will be deployed towards expanding the Mumbai-headquartered firm’s retail footprint and strengthening its omni-channel capabilities.
“Post acquiring Pernia’s Pop-Up Shop in 2018, we have scaled it over 100x in less than seven years, transforming it into one of India’s largest luxury fashion destination. This capital infusion will fuel our aggressive expansion plans, both domestically and internationally, while strengthening our omni-channel capabilities to bolster the shopping experience for Indian fashion globally,” Abhishek Agarwal, Founder of Purple Style Labs, said.
PSL has established over 15 Pernia’s Pop-Up Shop across cities like Mumbai, Delhi, Bengaluru, Hyderabad, Kolkata, Ahmedabad, Chennai, Surat, Indore and an international store in Mayfair, London.
Agarwal shared that the company will soon launch a multi-designer luxury retail store in Mumbai.
“We are committed to expanding our footprint in key global fashion capitals like New York, Los Angeles, Dubai, Mumbai and Delhi, alongside deepening our presence in India with new stores in tier-II markets,” he said.
The fundraiser also 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), Satyen Kanoria, Ritesh Kamani, among others.
PSL has been backed by Binny Bansal, Akash Bhanshali, Mukul Agarwal, Girish Kulkarni, Navroz Udwadia, Harminder Sahni, Astarc Ventures, ValueQuest SCALE Fund, Yuj Ventures/Sid Yog, Hira Group Family Office, Madhuri Dixit, and Masaba Gupta, amongst others.
Purple Style Labs last month leased a 60,000-square-feet retail space that housed fashion giant Zara at a monthly rent of Rs 3 crore or a daily rent of 10 lakh. The store is located in the 118-year-old heritage Ismail building at Flora Fountain, South Mumbai.
Spanish fashion giant Zara closed down its well-known SoBo store in Mumbai’s Fort area after eight years of operation.
Purple Style Labs’ Previous Funding Rounds & Its Financials
Purple Style Labs raised $3 million in a Pre-Series A funding from Flipkart’s Binny Bansal, PayU India’s Jitendra Gupta and Astarc Ventures
In June 2019, Purple Style Labs raised $8 million in Series A funding from Rahul Garg, Girish Kulkarni, Neelesh Bhatnagar, Mukesh Sawlani, Sumit Jalan and others.
Purple Style Labs in June 2022 raised $10 million in Series B funding from actor Madhuri Dixit Nene, Mukul Agarwal, Atul Gupta, Akash Bhansali and others.
In April 2023, Purple Style Labs raised $14 million in Series C funding round led by ValueQuest, ScaleFund, Singularity Growth Opportunities Fund I, Valpro, Masaba Gupta, among others.
In October 2023, Purple Style Labs raised $8 million in Series D funding round led by Sanket Parekh of the Pidilite family office and saw participation from Signet (Harish Shah’s family office), Hira Group’s family office, and others.
In total, PSL has also attracted considerable investment, raising a total of $55.2 million over 13 funding rounds.
Financially, PSL has demonstrated significant growth. In the fiscal year 2022-2023, the company reported revenues of ₹372 crore, marking a substantial increase from ₹175 crore in the previous year.
According to tracxn.com, the company posed a net loss of $5.52 million in the financial year 2023-24.
