 "Luxury fashion firm Purple Style Labs raises $40 mn in Series-E funding")
Purple Style Labs (PSL), the parent company of Pernia’s Pop-Up Shop, has secured approximately $40 million in Series-E funding, led by SageOne Flagship Growth OE Fund, Alchemy Long Term Ventures Fund, Bajaj Holdings & Investment, and Minerva Ventures Fund, including through secondary investments. The funding 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, Ritesh Kamani, and several other designers, celebrities, sports personalities, and distinguished investors.
Noteworthy is the continued participation of existing investors such as Singularity Growth Opportunities Fund I, Neelesh Bhatnagar, Pidilite Family Office, Signet Family Office, Rupa Family Office, Kiran Gems Family Office, Utpal Sheth, Rahul Garg, Rahul Kayan, Utsav Mitra, Mukesh Sawlani, Vineet Gautam, and Atul Gupta.
"Post acquiring Pernia's Pop-Up Shop in 2018, we have scaled it over 100 times in less than seven years, transforming it into one of India’s largest luxury fashion destinations,” said Abhishek Agarwal, founder of Purple Style Labs. “This capital infusion will fuel our expansion plans, both domestically and internationally, while strengthening our omnichannel capabilities to bolster the shopping experience for Indian fashion globally.”
Since the strategic acquisition of Pernia’s Pop-Up Shop, PSL has established over 15 Pernia’s Pop-Up Shop experience centres globally, catering to womenswear, menswear, jewellery, and accessories. These stores span major cities like Mumbai, Delhi, Bengaluru, Hyderabad, Kolkata, Ahmedabad, Chennai, Surat, Indore, and an international store in Mayfair, London.
Agarwal said that over the last two financial years, the firm has significantly scaled up its retail presence across major cities. In 2025, the company is set to launch India’s largest multi-designer luxury retail store at the iconic Ismail Building at Fort, Mumbai.
“Looking ahead, we are committed to expanding our footprint in key global fashion capitals like New York, Los Angeles, Dubai, Mumbai, and Delhi, alongside deepening our presence in India with new stores in Tier-II markets,” said Agarwal. “With this strategic growth, our vision remains clear – to build India’s largest and most influential luxury fashion powerhouse, seamlessly bridging Indian craftsmanship and global luxury retail.”
Purple Style Labs (PSL) has delivered over 100 per cent compound annual growth rate (CAGR) between FY21 to FY24, with over Rs 500 crore in revenue in FY24 on a consolidated basis.