Purple Style Labs, a startup in the luxury apparel industry, secures $14 million for international expansion
- ByStartupStory | April 13, 2023
The parent company of Pernia’s Pop-Up Shop (PPSU), Purple Style Labs (PSL), has raised $14 million in Series C funding, which was co-led by ValPro, Masaba Gupta, Singularity Growth Opportunities Fund I, ValueQuest S C A L E Fund, and ValPro. Existing investors like Astarc Ventures, Mukul Agrawal, Neelesh Bhatnagar, and Yuj Ventures also participated in the round.
Purple Style Labs is an omnichannel luxury fashion platform where people can find and purchase Indian designer clothing. It was founded in 2015 by Abhishek Agarwal. Purple Style Labs wants to create a fashion house that consists of Pernia’s Pop-Up Shop and the Stylist, two multi-designer platforms.
An expansion of the PPUS business, Pernia’s Pop-Up Studio, Men features contemporary, ethnic, and occasion wear from some of the most well-known designers, including Rohit Bal, Rahul Khanna, Tarun Tahiliani, and others.
According to PSL, 15 Pernia’s Pop-Up studio experience centres have been opened across Mumbai, Delhi, Bengaluru, Hyderabad, Kolkata, and Ahmedabad since the Pernia’s Pop-Up shop was acquired in 2018. It also claimed to have opened an international store in Mayfair, London.
In FY22, Purple Style Labs’ operational revenue increased 4X to Rs 174.63 crore from Rs 44.07 crore in FY21. Its losses increased by 60.5% to Rs 51.74 crore in FY22 from Rs 32.23 crore in FY21, according to the consolidated financial statement with the RoC.
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