NEW DELHI, Mar 13: Purple Style Labs (PSL), the parent company of Pernia’s Pop-Up Shop, on Thursday said it has raised USD 40 million (about Rs 350 crore) in Series-E funding led by SageOne Flagship Growth OE Fund, Alchemy Long Term Ventures Fund, Bajaj Holdings & Investment and Minerva Ventures Fund.
The fresh capital will be deployed towards expanding the Mumbai-headquartered firm’s retail footprint and strengthening its omni-channel capabilities.
“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.
“This capital infusion will fuel our aggressive expansion plans, both domestically and internationally, while strengthening our omni-channel capabilities to bolster the shopping experience for Indian fashion globally,” Abhishek Agarwal, Founder of Purple Style Labs, said.
PSL has established over 15 Pernia’s Pop-Up Shop across cities like Mumbai, Delhi, Bengaluru, Hyderabad, Kolkata, Ahmedabad, Chennai, Surat, Indore and an international store in Mayfair, London.
Agarwal shared that the company will soon launch a multi-designer luxury retail store in Mumbai.
“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,” he said.
The fundraiser 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, among others.
PSL has been backed by Binny Bansal, Akash Bhanshali, Mukul Agarwal, Girish Kulkarni, Navroz Udwadia, Harminder Sahni, Astarc Ventures, ValueQuest SCALE Fund, Yuj Ventures/Sid Yog, Hira Group Family Office, Madhuri Dixit, and Masaba Gupta, amongst others. (PTI)
The post Purple Style Labs raises USD 40 million appeared first on Daily Excelsior.