Purple Style Labs (PSL), the parent company of Pernia’s Pop-Up Shop, has raised approximately $40 million in a Series E funding round, marking a significant milestone in its growth journey. The investment was led by SageOne Flagship Growth OE Fund, Alchemy Long Term Ventures Fund, Bajaj Holdings & Investment, and Minerva Ventures Fund, with contributions from several other investors through secondary investments.
The funding round also attracted 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), and various prominent designers, celebrities, and business leaders. Notably, existing investors such as Singularity Growth Opportunities Fund I, Neelesh Bhatnagar, Pidilite Family Office, Signet Family Office, Rupa Family Office, and Kiran Gems Family Office reaffirmed their commitment to PSL’s vision.
Since acquiring Pernia’s Pop-Up Shop in 2018, PSL has grown the business exponentially, expanding its reach by over 100 times in under seven years. Founder Abhishek Agarwal emphasised that the latest funding will drive further expansion, both within India and internationally, while strengthening the company’s omnichannel capabilities to enhance the luxury shopping experience for Indian fashion worldwide.
“We have transformed Pernia’s Pop-Up Shop into one of India’s largest luxury fashion destinations. With this capital infusion, we are set to redefine India’s luxury fashion landscape and accelerate our aggressive growth strategy,” Agarwal said.
PSL currently operates over 15 Pernia’s Pop-Up Shop experience centres across major cities in India, including Mumbai, Delhi, Bengaluru, Hyderabad, Kolkata, Ahmedabad, Chennai, Surat, and Indore. The company has also established an international presence with a store in London’s Mayfair. In 2018, this Mumbai-based fashion house secured $3 million in funding from high-net-worth individuals (HNIs), including Flipkart co-founder Binny Bansal, PayU India’s Jitendra Gupta, and Astarc Ventures.
Looking ahead, PSL plans to launch India’s largest multi-designer luxury retail store at the historic Ismail Building in Fort, Mumbai, in 2025. Additionally, the company aims to expand its footprint into major global fashion hubs such as New York, Los Angeles, and Dubai, while further strengthening its presence in India by entering tier-II markets.
“Our vision is to build India’s largest and most influential luxury fashion powerhouse, seamlessly bridging Indian craftsmanship with global luxury retail,” Agarwal added.
PSL has demonstrated robust growth, achieving a compound annual growth rate (CAGR) of over 100% between FY 2021 and FY 2024. The company recorded consolidated revenue exceeding Rs 500 crore in FY 2023-24. Pernia’s Pop-Up Shop also gained industry recognition by securing a spot on the Financial Times’ list of 500 high-growth companies in the Asia-Pacific region for 2023.