Mumbai, March 13, 2025: Purple Style Labs (PSL), the parent company of Pernia’s Pop-Up Shop, has successfully raised approximately $40 million in Series E funding, marking a major milestone in its ambitious expansion plans. The funding round was led by SageOne Flagship Growth OE Fund, Alchemy Long Term Ventures Fund, Bajaj Holdings & Investment, and Minerva Ventures Fund, along with secondary investments from a diverse group of prominent investors, including celebrities, designers, and family offices.
Credits: Fashion Network
With this latest round of funding, PSL aims to strengthen its omnichannel presence, expand internationally, and establish itself as India’s largest luxury fashion powerhouse.
A Powerful Roster of Investors Backs PSL
This funding round saw participation from several well-known investors, including S Four Capital, Sopariwala Exports, Kemfin Family Office, Cordelia Family Trust, Weikfield Family Office, Salil Taneja Family Office, PKM Capital (Mehta Family Office), Satyen Kanoria, Ritesh Kamani, and many others.
Notably, PSL’s existing investors also doubled down on their commitment, including Singularity Growth Opportunities Fund I, Neelesh Bhatnagar, Pidilite Family Office, Signet Family Office, Rupa Family Office, Kiran Gems Family Office, Utpal Sheth, Rahul Garg, Rahul Kayan, Utsav Mitra, Mukesh Sawlani, Vineet Gautam, Atul Gupta, among others.
With this strong backing, PSL is well-positioned to drive its next phase of growth.
Scaling Luxury Fashion: PSL’s Meteoric Rise
Abhishek Agarwal, Founder of Purple Style Labs, highlighted the company’s phenomenal growth, stating:
“After acquiring Pernia’s Pop-Up Shop in 2018, we have scaled it over 100x in under seven years, transforming it into one of India’s largest luxury fashion destinations. This $40 million funding will accelerate our expansion, both in India and globally, while enhancing our omnichannel capabilities to make Indian fashion more accessible worldwide.”
Since acquiring Pernia’s Pop-Up Shop, PSL has opened 15+ experience centres globally, featuring top-tier Indian designers specializing in womenswear, menswear, jewellery, and accessories. These stores are spread across major Indian cities like Mumbai, Delhi, Bengaluru, Hyderabad, Kolkata, Ahmedabad, Chennai, Surat, and Indore, with an international flagship store in London’s Mayfair.
The Road Ahead: New Stores and Global Expansion
In 2025, PSL is set to open India’s largest multi-designer luxury retail store at the iconic Ismail Building in Fort, Mumbai. This move aligns with its strategy to dominate the high-end luxury retail market in India.
Beyond domestic expansion, PSL has ambitious plans to establish a strong global presence in key fashion capitals like New York, Los Angeles, Dubai, Mumbai, and Delhi. Additionally, PSL is set to expand into Tier-II Indian cities, tapping into an emerging market of luxury shoppers.
“We are committed to bridging Indian craftsmanship with global luxury retail, ensuring Indian designers gain international recognition,” Abhishek added.
Strong Financial Growth & Industry Recognition
PSL’s impressive trajectory is reflected in its financial performance. The company has achieved 100%+ CAGR growth between FY21 and FY24, crossing ₹500 crore in revenue in FY 2023-24 on a consolidated basis.
Additionally, Pernia’s Pop-Up Shop was featured in the Financial Times’ prestigious list of 500 high-growth companies in the Asia-Pacific region in 2023, further cementing its reputation as a leader in the Indian luxury fashion space.
Pernia’s Pop-Up Shop: The Luxury Fashion Powerhouse
India’s most renowned designers, including as Tarun Tahiliani, Falguni Shane Peacock, Amit Aggarwal, Gaurav Gupta, Seema Gujral, Abhinav Mishra, and Shyamal & Bhumika, are housed at Pernia’s Pop-Up Shop, which has become the premier destination for bridal and occasion wear.
The company runs more than 15 experience centers throughout the world, including in well-known areas including Mumbai’s Juhu, Kala Ghoda, and Bandra; Delhi’s Mehrauli and DLF Emporio; Bengaluru’s UB City; Hyderabad’s Banjara Hills; Kolkata’s Elgin Road; and London’s Mayfair.
Looking ahead, Pernia’s Pop-Up Shop will continue its aggressive expansion, adding new locations and enhancing the luxury shopping experience for Indian fashion enthusiasts worldwide.
Purple Style Labs: Building India’s Luxury Fashion Empire
Purple Style Labs (PSL) is on a mission to build India’s largest luxury fashion house. Since its acquisition of Pernia’s Pop-Up Shop in 2018, it has significantly expanded across various verticals, retail formats, and global locations.
Along the way, PSL has secured funding from marquee investors such as Binny Bansal, Akash Bhanshali, Mukul Agarwal, Girish Kulkarni, Navroz Udwadia, Harminder Sahni, Astarc Ventures, ValueQuest SCALE Fund, Yuj Ventures/Sid Yog, Hira Group Family Office, Madhuri Dixit, and Masaba Gupta, among others.
Credits: Yourstory
With this fresh infusion of $40 million, PSL is set to redefine luxury fashion in India and beyond, solidifying its position as a powerhouse in the global fashion landscape.
Conclusion
Purple Style Labs’ Series E funding of $40 million underscores its rapid growth, industry dominance, and ambitious expansion plans. As it strengthens its omnichannel presence, expands internationally, and opens India’s largest multi-designer luxury store, PSL is well on its way to becoming a global leader in luxury fashion.
The future of Indian luxury fashion has never looked brighter, and PSL is leading the charge.
