Purple Style Labs secures $40M Series E funding to strengthen omnichannel luxury retail

Purple Style Labs (PSL), the parent company of Pernia’s Pop-Up Shop, on Thursday said it secured about $40 million in a Series E funding round led by SageOne Flagship Growth OE Fund, Alchemy Long Term Ventures Fund, Bajaj Holdings and Investment, and Minerva Ventures Fund, including secondary investments.

Established in 2015 by Abhishek Agarwal, Purple Style Labs (PSL) is an omnichannel luxury fashion platform specialising in Indian designer wear. The company operates two multi-designer platforms: Pernia’s Pop-Up Shop and The Stylist.

The latest capital infusion will support the company’s expansion in domestic and international markets while enhancing its omnichannel capabilities. This year, PSL plans to open India’s largest multi-designer luxury retail store at the Ismail Building in Fort, Mumbai.

The company also plans expansions into fashion hubs such as New York, Los Angeles, Dubai, and Delhi, while strengthening its presence in India’s Tier II markets, Agarwal said in a statement.

The round also saw participation from new investors such as 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, along with several designers, celebrities, sports personalities, and other investors.

Existing investors, including 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, also participated in the funding round.

In 2018, PSL acquired Pernia’s Pop-Up Shop, leading to significant expansion. The company has since launched over 15 experience centres across major Indian cities, including Mumbai, Delhi, Bengaluru, Hyderabad, Kolkata, Ahmedabad, and Surat, as well as an international store in Mayfair, London.

In terms of funding, PSL raised $14 million in a Series C round in April 2023, followed by an $8 million Series D round in November 2023, led by investors such as Sanket Parekh of Pidilite Family Office.