Purple Style Labs (PSL), the parent company of Pernia’s Pop-Up Shop (PPUS), has secured $14 million in Series C funding from investors such as ValueQuest SCALE Fund, Singularity Growth Opportunities Fund I, ValPro, Masaba Gupta, and others.
The round also saw participation from existing investors such as Astarc Ventures, Mukul Agrawal (Param Capital), Neelesh Bhatnagar (NB Ventures), and Yuj Ventures/Sid Yog (Founder, Xander Group).
The company plans to invest capital in younger labels and continue acquiring mature brands as part of its vision.
“In the coming years, we hope to achieve new heights with more key international locations, broadening our presence, and taking Indian fashion and design to the next level,” said Abhishek (Monty) Agarwal, founder of Purple Style Labs, according to a press release.
Founded in 2015, Purple Style Labs is a one-stop shop luxury fashion house for bridal and ceremonial needs that houses jewellery and accessories from designers like Shyamal & Bhumika, Tarun Tahiliani, Falguni Shane Peacock, Amit Aggarwal, Gaurav Gupta, Seema Gujral, and many more.
It has achieved more than 100% Y-o-Y growth for the last two years, closing FY 22–23 with more than $45 million in revenue on a consolidated basis and achieving EBITDA breakeven at the same time.
Furthermore, the company has revealed that its March 2023 exit gross sales run rate has already hit around $75 million, and is projecting a run rate of $120 million in gross sales by March 2024.
It is the only Indian company that ranks among the top 100 in the apparel and fashion category.
In 2018, it acquired Pernia’s Pop-Up Shop and scaled it over 70X in the last five years. PSL has opened 15 Pernia’s Pop-Up Studio experience centres across prominent cities like Mumbai, Delhi, Bengaluru, Hyderabad, Kolkata, and Ahmedabad, and an international store in Mayfair, London.
The brand plans to open international stores in New York, San Francisco, Los Angeles, Dubai, and Singapore in the next two years. It is also planning to expand its domestic footprint to Chennai and Surat.
It opened an experience centre spanning 50,000 square feet in New Delhi in November 2022.
The company has also launched Pernia’s Pop-Up Studio, Men, which is an extension of PPUS’s business, housing contemporary, ethnic, and occasion wear from names such as Rohit Bal, Rahul Mishra, Rohit Gandhi + Rahul Khanna, Tarun Tahiliani, Amit Aggarwal, Anushree Reddy, Seema Gujral Men, Jatin Malik, and others.