New Delhi: Purple Style Labs (PSL), the parent company of Pernia’s Pop-Up Shop, has raised USD 40 million in a Series E funding round led by SageOne Flagship Growth OE Fund, Alchemy Long Term Ventures Fund, Bajaj Holdings & Investment, and Minerva Ventures Fund, the company said in a media release on Thursday.
The round 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, and Ritesh Kamani along with existing investors such as Singularity Growth Opportunities Fund I, Neelesh Bhatnagar, and Pidilite Family Office.
“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. Raising approximately $40 million in Series-E funding marks a pivotal moment in Purple Style Labs’ journey to further redefine India’s luxury fashion landscape. This capital infusion will fuel our aggressive expansion plans, both domestically and internationally, while strengthening our omnichannel capabilities to bolster the shopping experience for Indian fashion globally,” said Abhishek Agarwal, founder, Purple Style Labs.Since acquiring Pernia’s Pop-Up Shop, PSL has expanded its presence with over 15 experience centers and achieved a consolidated revenue over Rs 500 crore in FY 2023-24, the company said.
