Purple Style Labs, the parent company of Pernia’s Pop-Up Shop, has raised about $40 million in a funding round led by SageOne Flagship Growth OE Fund, Alchemy Long Term Ventures Fund, Bajaj Holdings & Investment, and Minerva Ventures Fund. The funding round, a mix of primary and secondary investments, also saw participation by S Four Capital, Sopariwala Exports, Kemfin Family Office, Cordelia Family Trust, Weikfield Family Office, Salil Taneja Family Office, and PKM Capital (Mehta Family Office), among others. Purple Style Labs was valued at nearly Rs 3,000 crore during its last round of funding in 2023, when it raised $8 million.
The luxury fashion platform plans to use the funds for its expansion, both within the country and globally, while also enhancing its omnichannel 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 destinations,” founder Abhishek Agarwal said in a statement. Purple Style Labs, which is backed by Flipkart founder Binny Bansal, has set up more than 15 Pernia's Pop-Up Shop experience centres globally.
The shop sells products of more than a dozen bridal- and occasion-wear labels, including Tarun Tahiliani, Falguni Shane Peacock, and Amit Aggarwal.These stores offer a wide range of womenswear, menswear, jewellery, and accessories, with locations in cities such as Mumbai, Delhi, Bengaluru, Hyderabad, Kolkata, Ahmedabad, Chennai, Su.