Purple Style Labs raises $14 Mn in Series C
Purple Style Labs (PSL), the parent company of Pernia’s Pop-Up Shop (PPSU), has raised an investment of $14 million in Series C funding co-led by ValueQuest S C A L E Fund, Singularity Growth Opportunities Fund I, ValPro, and Masaba Gupta. The round also saw the participation of its existing investors like Astarc Ventures, Mukul Agrawal, Neelesh Bhatnagar and Yuj Ventures.
Founded in 2015 by Abhishek Agarwal, Purple Style Labs is an omnichannel luxury fashion platform where people can discover and buy Indian designer wear. Purple Style Labs wants to build a fashion house comprising two multi-designer platforms – Pernia’s Pop-Up Shop and the Stylist.
The company recently launched Pernia’s Pop-Up Studio, Men – an extension of PPUS business – housing contemporary, ethnic, and occasion wear from some of the most celebrated names such as Rohit Bal, Rahul Khanna, Tarun Tahiliani and others.
Since the acquisition of Pernia’s Pop-Up shop in 2018, PSL claimed that it has opened 15 Pernia’s Pop-Up studio experience centres across Mumbai, Delhi, Bengaluru, Hyderabad, Kolkata, and Ahmedabad and an international store in Mayfair, London.
Purple Style Labs’ revenue from operations jumped 4X to Rs 174.63 crore during FY22 as compared to Rs 44.07 crore in FY21. As per the consolidated financial statement with the RoC, its losses surged 60.5% to Rs 51.74 crore in FY22 from Rs 32.23 crore in FY21.
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