Purple Style Labs (PSL), the parent company to Pernia’s Pop-Up Shop, has raised $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, including by way of secondary investments.
The round also saw participation from S Four Capital, Sopariwala Exports, Kemfin Family Office, Cordelia Family Trust, Weikfield Family Office, Salil Taneja Family Office, PKM Capital (Mehta Family Office), Satyen Kanoria, Ritesh Kamani and several other designers, celebrities, sports personalities and distinguished investors.
Existing investors such as Singularity Growth Opportunities Fund I, Neelesh Bhatnagar, Pidilite Family Office, Signet Family Office, Rupa Family Office, Kiran Gems Family Office, Utpal Sheth, Rahul Garg, Rahul Kayan, Utsav Mitra, Mukesh Sawlani, Vineet Gautam, Atul Gupta, amongst others, also participated.
Abhishek Agarwal, Founder of Purple Style Labs said, “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 destination. Raising approximately USD 40 million in Series-E funding marks a pivotal moment in Purple Style Labs’ journey to further redefine India’s luxury fashion landscape. 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.”
“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 at Fort, Mumbai. Looking ahead, we are committed to expanding our footprint in key global fashion capitals like New York, Los Angeles, Dubai, Mumbai and Delhi, alongside deepening our presence in India with new stores in tier-II markets. With this strategic growth, our vision remains clear – to build India’s largest and most influential luxury fashion powerhouse, seamlessly bridging Indian craftsmanship and global luxury retail,” added Abhishek.
Founded in 2015 by Abhishek Agarwal, Purple Style Labs is a luxury fashion company that owns Pernia’s Pop-Up Shop and other brands like Wendell Rodricks and Hemant Trivedi.
Since the strategic acquisition of Pernia’s Pop-Up Shop, PSL has established 15+ Pernia’s Pop-Up Shop experience centres globally, catering to womenswear, menswear, jewellery, and accessories. These stores span across major cities like Mumbai, Delhi, Bengaluru, Hyderabad, Kolkata, Ahmedabad, Chennai, Surat, and Indore and an international store in Mayfair, London.
Purple Style Labs (PSL) has delivered a 100%+ CAGR growth between FY 21 to FY 24, with 500 Cr+ revenue in FY 2023-24 on a consolidated basis.
