Purple Style Labs (PSL), the parent company of luxury fashion platform Pernia’s Pop-Up Shop (PPUS), is planning to raise INR 750 crore (USD 85 million) through a fresh issue of shares as part of its upcoming IPO. The board of the Mumbai-based company has approved a special resolution for the equity issue, without an offer for sale (OFS), as per market sources.
The company is also considering a pre-IPO placement of up to INR 140 crore, which, if executed, will reduce the size of the main IPO proportionately. Purple Style Labs is expected to hit the public markets in 2026.
Recent Funding Momentum and Star-Studded Investors
Earlier this year, Purple Style Labs had raised INR 102 crore (USD 12 million) in a funding round from over 80 investors, including Bollywood superstar Salman Khan and cricket legend Sachin Tendulkar. Other individual investors included actor Shraddha Kapoor and cricketer Surya Kumar Yadav, among many others.
This round also drew institutional investors such as Minerva Ventures Fund, Cordelia Family Trust, S Four Capital, and Sopariwala Exports. The board resolution filed with the Registrar of Companies (RoC) indicated the issuance of 2,040 preference shares priced at INR 5,00,000 each.
With this fresh infusion, Purple Style Labs reached an estimated valuation of USD 400 million (INR 3,482 crore). In March 2025, the company had already closed its Series E round of USD 40 million (~INR 348 crore), led by SageOne Flagship Growth OE Fund and Alchemy Long Term Ventures Fund, further cementing its position in the luxury fashion segment.
Growth, Expansion, and Ambitions
Founded in 2015 by IIT Bombay alumnus Abhishek Agarwal, PSL has become a leader in India’s premium fashion space. The company made a big move in 2018 by acquiring Pernia’s Pop-Up Shop, a multi-designer platform that now has over 500 Indian luxury brands, including Falguni Shane Peacock, Tarun Tahiliani, Seema Gujral, Gaurav Gupta and Abhinav Mishra.
Since then, Purple Style Labs has expanded to 15 experience centers across India and London. Notably, the company has leased a 60,000 sq. ft. retail space in South Mumbai’s Ismail Building, previously occupied by global fashion giant Zara, at a monthly rent of INR 3 crore. This 5 year lease is valued at INR 206 crore and shows PSL’s aggressive retail expansion plans.
Beyond apparel, Purple Style Labs has forayed into luxury home decor with the launch of Pernia’s Pop-Up Studio in Ahmedabad in 2023. Its international footprint was established in 2019 with the launch of a flagship store in London’s Mayfair.
Financial Performance and IPO Outlook
On the financial front, Purple Style Labs reported revenue from operations of INR 508 crore in FY24, up 36% from INR 372 crore in FY23. However, losses widened by 20% to INR 45.6 crore in the same period. FY25 numbers are yet to be filed.
Despite the losses, the company has set a gross sales target of USD 200 million (INR 1,741 crore) for the next year. With its strong brand portfolio, aggressive retail expansion and backing from big investors and celebrities, PSL is gearing up for a big IPO in 2026.
Funding History Snapshot
- Pre-Series A (2018): USD 3 million (INR 26.12 crore) – investors included Binny Bansal, Jitendra Gupta, and Astarc Ventures.
- Series A (2019): USD 8 million (INR 69.65 crore).
- Series B (2022): USD 10 million (INR 87.07 crore) – backed by Madhuri Dixit Nene and Mukul Agarwal, among others.
- Series C (2023): USD 14 million (INR 121.90 crore).
- Series D (October 2023): USD 8 million (INR 69.65 crore) from Sanket Parekh of the Pidilite family office and others.
- Series E (March 2025): USD 40 million (approx. INR 348 crore).
- March 2025 celebrity-backed round: INR 102 crore (USD 12 million).
To date, Purple Style Labs has raised more than USD 87 million (over INR 700 crore), making it one of the most well-funded players in India’s luxury fashion ecosystem.
Conclusion
Purple Style Labs has successfully married capital and culture in its growth story. From celebrity endorsements to big investors, from strong domestic presence to international expansion, the company is building up to what could be the most awaited IPO in India’s fashion retail space in 2026.
The IPO is PSL’s next big step and also marks the coming of age of India’s luxury fashion industry. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription, stay tuned to IPO Central.