Purple Style Labs raises $10 million in its Series B funding round led by Madhuri Dixit Nene and Akash Bansali
- ByStartupStory | June 28, 2022
Purple Style Labs, the owner of Pernia’s Pop-Up Shop, announced on Monday that it had raised $10 million in a Series B round led by Akash Bhansali (Director, Enam Holdings).
The round was also attended by Madhuri Dixit Nene (Actor), Navroz Udwadia (Co-founder, Alpha Wave Global), Yuj Ventures/Sid Yog (Founder, Xander Group), Rahul Garg (Partner, Premji Invest), Mukul Agrawal (Founder, Param Capital), Rahul Kayan (Director, SMIFS Ltd), Girish Kulkarni (Suyash Advisors), Harminder Sahni
Purple Style Labs, based in Mumbai, is expanding its existing footprint in Mumbai, Delhi, and Hyderabad, as well as expanding into new cities such as Chennai and Surat.
Madhuri Dixit Nene, an actor stated, “India has always had a rich cultural history, and this has permeated the fashion industry. Purple Style Labs has brought this thought to the forefront by giving a new meaning and outlook to India’s luxury fashion industry.”
“I’ve been very impressed with their selection of new designs, colours, quality, and texture. They have a strong market sense, and I believe they will be a company to watch in the near future. “Their most valuable asset is recognising Indian designers and providing them with an international platform for discovery,” she added.
Purple Style Labs, founded in 2015 by Abhishek Agarwal, incubates young designer brands and assists them with sales, marketing, and technical support.
Purple Style Labs Founder Abhishek Agarwal stated, “While most Indian designers were able to establish strong brand equity with consumers, they were unable to make it commercially viable and scale up to become a large business. Purple Style Labs was founded after recognising an industry opportunity and having a personal interest in luxury fashion.”
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