The parent company of Pernia’s Pop-Up Shop, Purple Style Labs (PSL) has secured approximately $40 million in a Series E funding round, signaling significant growth.
The round was led by SageOne Flagship Growth OE Fund, Alchemy Long Term Ventures Fund, Bajaj Holdings & Investment, and Minerva Ventures Fund, with additional participation from various investors.
The funding also saw contributions from S Four Capital, Sopariwala Exports, Kemfin Family Office, Cordelia Family Trust, Weikfield Family Office, Salil Taneja Family Office, PKM Capital (Mehta Family Office), and prominent designers, celebrities, and business leaders. Existing investors like Singularity Growth Opportunities Fund I, Neelesh Bhatnagar, Pidilite Family Office, Signet Family Office, Rupa Family Office, and Kiran Gems Family Office also participated.
Since acquiring Pernia’s Pop-Up Shop in 2018, PSL has expanded the business over 100 times in under seven years. Founder Abhishek Agarwal stated that the new funding will support further expansion in India and internationally, as well as enhance omnichannel capabilities.
PSL operates over 15 Pernia’s Pop-Up Shop experience centers in major Indian cities and has an international store in London. The company plans to open a large multi-designer luxury retail store in Mumbai in 2025 and expand to New York, Los Angeles, and Dubai, while also entering Tier-II Indian markets. Agarwal aims to build India’s largest luxury fashion powerhouse, connecting Indian craftsmanship with global retail. PSL has achieved a CAGR of over 100% between FY 2021 and FY 2024, with consolidated revenue exceeding Rs 500 crore in FY 2023-24. Pernia’s Pop-Up Shop was also featured on the Financial Times’ list of 500 high-growth companies in the Asia-Pacific region for 2023.
