Purple Style Labs Secures $40 Million in Series E Funding to Expand Luxury Fashion Platform
Purple Style Labs (PSL), the parent company of Pernia's Pop-Up Shop, has secured approximately $40 million in a Series E funding round led by SageOne Flagship Growth OE Fund, Alchemy Long Term Ventures Fund, Bajaj Holdings and Investment, and Minerva Ventures Fund.
The luxury fashion platform will use the fresh capital to expand its operations in domestic and international markets while enhancing its omnichannel retail strategy. Founded in 2015 by Abhishek Agarwal, PSL specializes in Indian designer wear through its multi-designer platforms Pernia's Pop-Up Shop and The Stylist.
"This year, PSL plans to open India's largest multi-designer luxury retail store at the Ismail Building in Fort, Mumbai," Agarwal said in a statement. The company also aims to establish a presence in global fashion capitals, including New York, Los Angeles, and Dubai, while strengthening its foothold in India's emerging Tier II luxury markets.
The funding round attracted several new investors, including S Four Capital, Sopariwala Exports, Kemfin Family Office, Cordelia Family Trust, and Weikfield Family Office. Notable individual investors, fashion designers, celebrities, and sports personalities also participated.
Existing backers, including Singularity Growth Opportunities Fund I, Pidilite Family Office, Signet Family Office, and Rupa Family Office, reaffirmed their commitment by joining the round.
PSL's growth trajectory accelerated after acquiring Pernia's Pop-Up Shop in 2018, which led to significant retail expansion. The company now operates over 15 experience centers across major Indian metropolitan cities, including Mumbai, Delhi, Bengaluru, and Hyderabad, plus an international flagship store in London's upscale Mayfair district.
The luxury e-commerce platform previously raised $14 million in a Series C round in April 2023, followed by an $8 million Series D round in November 2023, highlighting continued investor confidence in India's growing designer wear and luxury fashion marketplace.