Pernia’s Pop-Up Shop (PPUS) parent company Purple Style Labs (PSL) has raised INR 102 crore (USD 12 million) in its latest funding round. The Mumbai-based luxury fashion platform has received investments from more than 80 investors, including Bollywood superstar Salman Khan and cricketing legend Sachin Tendulkar. The company is gearing up for an IPO in 2026.
Purple Style Labs Funding Details
According to RoC filings, the board of Purple Style Labs passed a special resolution to issue 2040 preference shares at INR 5,00,000 each over the last 3 months. The amount will be used for general corporate purposes and to meet the working capital requirements.
Key investors in this round are:
- Minerva Ventures Fund – INR 10 crore
- Cordelia Family Trust – INR 5 crore
- S Four Capital – INR 6 crore
- Sopariwala Exports – INR 5 crore
- Individual investors including Salman Khan, Sachin Tendulkar, Surya Kumar Yadav, Shraddha Kapoor, Sailesh Gupta, Pravesh Dhandhania, Fahim Sultan Ali and 73 others
After this funding, Purple Style Labs will be valued at around USD 400 million (~INR 3,482 crore).
Company Growth and Expansion
Purple Style Labs was founded in 2015 by an IIT Bombay alumnus, Mr Abhishek Agarwal. The company has grown rapidly in the Indian luxury fashion market. The company curates and expands the reach of premier Indian designer brands both domestically and internationally. It houses brands like Falguni Shane Peacock, Tarun Tahiliani, Seema Gujral, Amit Aggarwal, Gaurav Gupta, Shyamal & Bhumika and Abhinav Mishra.
The company had a major achievement in 2018 when it acquired Pernia’s Pop-Up Shop, a multi-designer platform with over 500 Indian luxury brands. Since then, it has expanded to 15 experience centers in major Indian cities and London.
Financials and Future Plans
Purple Style Labs (PSL) has reported 36% y-o-y revenue growth, from INR 372 crore in FY23 to INR 508 crore in the latest fiscal year. However, with this growth, the company has seen a 20% increase in losses, at INR 45.6 crore.
The company has set a target of USD 200 million (~INR 1,741 crore) in gross sales for the next year. With the recent funding and celebrity investors on board, Purple Style Labs is all set to strengthen its position in the luxury fashion space before going public in 2026.
Real Estate and International Expansion
Purple Style Labs recently did a lease for a 60,000 sq ft retail space in the Ismail Building at Flora Fountain, South Mumbai. This was previously occupied by global fashion giant Zara and is leased for 5 years at INR 3 crore per month, which is INR 206 crore over the lease term.
In addition to its presence in India, the company is expanding internationally. It launched Pernia’s Pop-Up Studio in London’s Mayfair district in 2019 and a flagship store in Delhi’s Mehrauli in 2021.
The company has also entered the luxury home decor space with the launch of Pernia’s Pop-Up Studio in Ahmedabad in 2023.
Funding History
Purple Style Labs has been a draw for investors since its inception. Here are the notable funding rounds:
- Pre-Series A: USD 3 million (~INR 26.12 crore) from Flipkart’s Binny Bansal, PayU India’s Jitendra Gupta and Astarc Ventures
- Series A (2019): USD 8 million (~INR 69.65 crore) from Rahul Garg and Sumit Jalan
- Series B (2022): USD 10 million (~INR 87.07 crore) from Madhuri Dixit Nene, Mukul Agarwal and others
- Series C (2023): USD 14 million (~INR 121.90 crore) from ValueQuest, ScaleFund and Singularity Growth Opportunities Fund I
- Series D (October 2023): USD 8 million (~INR 69.65 crore) from Sanket Parekh of the Pidilite family office and others
Total funding: USD 55.2 (~INR 478.90 crore) million across 13 rounds.
Conclusion
With Salman Khan and Sachin Tendulkar on board as investors, it’s not just about the money but also the brand visibility in the luxury fashion space. As PSL gears up for its IPO in 2026, we wait to see what’s next for the premium fashion play.
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