Purple Style Labs (PSL), the parent company overseeing Pernia’s Pop-Up Shop (PPUS), has successfully secured US $ 8 million in Series-D funding, led by Sanket Parekh of Pidilite Family Office.
This funding round witnessed the active participation of various investors, including Signet (Harish Shah Family Office) and Hira Group Family Office, alongside continued support from existing investors like Singularity Growth Opportunities Fund I, Neelesh Bhatnagar (NB Ventures), Masaba Gupta, Rahul Garg (former Partner at Premji Invest), Atul Gupta (former Partner at Premji Invest), and others. With this investment, PSL’s valuation has surged to US $ 352 million.
Addressing the recent funding, Abhishek (Monty) Agarwal, Founder of Purple Style Labs, commented, “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. 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 & design to the next level.”
Sanket Parekh, who spearheaded the Series-D investment round, remarked, “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.”
Over the past two years, Purple Style Labs has achieved consistent year-on-year growth exceeding 100 per cent, concluding FY ’23 with consolidated gross sales surpassing US $ 60 million. The current gross sales run rate has already reached approximately US $ 100 million. The company aims to achieve gross sales exceeding US $ 200 million in the next 2-3 years, with plans for an IPO in 2026.