Purple Style Labs Secures USD 40 Mn in Series E Funding for Global Expansion The fresh capital will be used to accelerate PSL's expansion plans, enhance its omnichannel capabilities, and strengthen its presence in the global luxury fashion market.
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Purple Style Labs (PSL), the parent company of Pernia's Pop-Up Shop, has raised approximately USD 40 million in a Series E funding round led by SageOne Flagship Growth OE Fund, Alchemy Long Term Ventures Fund, Bajaj Holdings & Investment, and Minerva Ventures Fund.
The round included secondary investments and saw participation from S Four Capital, Sopariwala Exports, Kemfin Family Office, Cordelia Family Trust, Weikfield Family Office, Salil Taneja Family Office, and several prominent designers, celebrities, and sports personalities.
Existing investors, including Singularity Growth Opportunities Fund I, Neelesh Bhatnagar, Pidilite Family Office, and others, also participated in this round.
The fresh capital will be used to accelerate PSL's expansion plans, enhance its omnichannel capabilities, and strengthen its presence in the global luxury fashion market.
"Post acquiring Pernia's Pop-Up Shop in 2018, we have scaled it over 100x in less than seven years, transforming it into one of India's largest luxury fashion destinations. This capital infusion will fuel our aggressive expansion plans, both domestically and internationally, while strengthening our omnichannel capabilities to bolster the shopping experience for Indian fashion globally," said Abhishek Agarwal, Founder of Purple Style Labs.
Since acquiring Pernia's Pop-Up Shop, PSL has established over 15 experience centres worldwide, offering a curated collection of womenswear, menswear, jewellery, and accessories. These luxury retail stores are located in major Indian cities such as Mumbai, Delhi, Bengaluru, Hyderabad, and Kolkata, along with an international store in Mayfair, London.
"Over the last two fiscal years, we have significantly scaled our retail presence across major cities, and now, in 2025, we are set to launch India's largest multi-designer luxury retail store at the iconic Ismail Building in Fort, Mumbai. Looking ahead, we are committed to expanding in global fashion capitals like New York, Los Angeles, and Dubai, alongside deepening our footprint in India's tier-II markets," added Agarwal.
PSL has achieved a remarkable 100%+ CAGR growth between FY21 and FY24, with revenues surpassing INR 500 crore in FY 2023-24.
Founded by Abhishek Agarwal in 2015, Purple Style Labs aims to establish itself as India's leading luxury fashion powerhouse. Its flagship brand, Pernia's Pop-Up Shop, features collections from renowned designers like Tarun Tahiliani, Gaurav Gupta, and Masaba Gupta, catering to a global clientele.
