Purple Style Labs raises $8M in Series D funding led by Pidilite Family Office

Purple Style Labs (PSL), the parent company of Pernia's Pop-Up Shop, secured $8 million in a Series D funding round led by Sanket Parekh of the Pidilite Family Office. With this funding round, the startup is now valued at $352 million, the fashion retailer said.

Other participants include Signet (Harish Shah Family Office), Hira Group Family Office, Singularity Growth Opportunities Fund I, Neelesh Bhatnagar (NB Ventures), Masaba Gupta, and Rahul Garg and Atul Gupta (former Partners at Premji Invest), among others.

"In the coming years, we hope to achieve newer heights with further expansion into key domestic and international locations, launching new verticals aligning with our vision of taking Indian fashion and design to the next level," said Abhishek (Monty) Agarwal, Founder of Purple Style Labs.

"Since the acquisition of Pernia's Pop-Up Shop in 2018, we have scaled it over 100X in less than six years,

transforming it into the country's largest luxury fashion omnichannel platform," Agarwal claimed.

Pernia’s Pop-Up Shop houses bridal and occasion-wear labels like Tarun Tahiliani, Falguni Shane Peacock, and Gaurav Gupta, among others.

PSL claimed to have achieved over 100% Y-o-Y growth for the past two years, closing FY22-23 with consolidated gross sales exceeding $60 million. While the current gross sales run rate is $100 million, it plans to achieve over $200 million in gross sales in the next two to three years and targets an IPO in 2026.

"Pernia's Pop-Up Shop has bridged a significant industry gap, offering an organised retail space for designer wear, allowing designers to focus on their creative talents. In the coming decade, PSL can scale Pernia’s Pop-Up Shop to become the foremost destination for discovering new design talent," Sanket Parekh of the Pidilite Family Office, said.

Previously, PSL had raised funding from investors, including Akash Bhanshali, ValueQuest SCALE Fund, Singularity Growth Opportunities Fund I, and well-known personalities like Madhuri Dixit and Masaba Gupta.

The company has opened 15 Pernia’s Pop-Up Studio experience centres globally and plans to expand in cities like New York, San Francisco, Los Angeles, Dubai, and Singapore, besides domestic expansion.

Recent store openings include a 25,000 sq ft pop-up studio in Hyderabad and a home decor retail space in Ahmedabad. The company is set to introduce prêt-à-porter or ready-made designer wear, with new store launches in Mumbai, Bengaluru, and Ahmedabad.