SageOne Flagship Growth OE Fund, Alchemy Long Term Ventures Fund, Bajaj Holdings & Investment, and Minerva Ventures Fund led the $40 million Series E funding round for Purple Style Labs (PSL), the parent company of Pernia’s Pop-Up Shop, which also includes secondary investments.
Other designers, celebrities, and sports figures who participated in the funding round included Satyen Kanoria, Ritesh Kamani, Kemfin Family Office, Cordelia Family Trust, Weikfield Family Office, Salil Taneja Family Office, PKM Capital (Mehta Family Office), Sopariwala Exports, S Four Capital, and Kemfin Family Office.
Among the other participants were current investors Kiran Gems Family Office, Pidilite Family Office, Signet Family Office, Rupa Family Office, and Singularity Growth Opportunities Fund I.
Purple Style Labs’ founder, Abhishek Agarwal, says the investment will support the company’s ambitious plans for both domestic and international growth while bolstering its omnichannel capabilities to improve the global shopping experience for Indian fashion.
According to Agarwal, PSL has expanded Pernia’s Pop-Up Shop by more than 100 times in less than seven years since purchasing it in 2018.
PSL has opened more than 15 Pernia’s Pop-Up Shop experience centers across the globe since this calculated acquisition, providing jewelry, accessories, and clothing for both men and women. Major cities like Mumbai, Delhi, Bengaluru, Hyderabad, Kolkata, Ahmedabad, Chennai, Surat, and Indore are all served by these stores, in addition to an international location in Mayfair, London.
According to Purple Style Labs (PSL), the company’s consolidated revenue in FY24 surpassed Rs 500 crore, and it achieved a more than 100% CAGR growth between FY21 and FY24.
The company has set a goal of $200 million in gross sales for the next year and is planning for an initial public offering (IPO) in 2026.
