Indian luxury fashion house Purple Style Labs (PSL), the parent company of bridal and designer clothing platform Pernia’s Pop-Up Shop, has secured around $40 million in Series E funding to expand in India and overseas.
The round was led by SageOne Flagship Growth OE Fund, Alchemy Long Term Ventures Fund, Bajaj Holdings & Investment, and Minerva Ventures Fund.
Other participants in the round included S Four Capital, Sopariwala Exports, Kemfin Family Office, Cordelia Family Trust, and Weikfield Family Office, among others. Existing investors like Singularity Growth Opportunities Fund I, Pidilite Family Office, Signet Family Office, and others also participated.
“This capital infusion will fuel our aggressive expansion plans, both domestically and internationally,” Abhishek Agarwal, founder of Purple Style Labs, said in a release.
Since the acquisition of Pernia’s Pop-Up Shop in 2018, the company has scaled it over 100x in less than seven years, PSL said in the release. After the acquisition, it set up more than 15 Pernia’s Pop-Up Shop experience centres across major Indian cities like Mumbai, Delhi, Bengaluru, Hyderabad, Kolkata, Ahmedabad, Chennai, Surat, and Indore as well overseas, including in Mayfair, London, catering to womenswear, menswear, jewellery, and accessories.
The company is now set to launch India’s largest multi-designer luxury retail store at the iconic Ismail Building at Fort, Mumbai, this year. They have also planned to expand their reach in key global fashion capitals like New York, Los Angeles, Dubai, Mumbai, and Delhi, as well as open new stores in tier-II markets.
PSL has grown at a CAGR of more than 100% between FY21 to FY24, reporting a revenue of more than Rs 500 crore in FY 2023-24.
