Mumbai-based luxury fashion startup Purple Style Labs (PSL) has raised $8 million in a Series D funding round led by Sanket Parekh from the Pidilite Family Office.
The round also saw participation from Signet (Harish Shah Family Office), Hira Group Family Office and other investors such as Neelesh Bhatnagar, Masaba Gupta, Rahul Garg, Atul Gupta, and Singularity Growth Opportunities Fund I.
At what valuation?
With this round of funding, PSL's valuation has jumped to $352 million. Prior to this round, the startup raised $14 million in April. PSL, founded in 2015, has raised nearly $50 million to date. With this capital boost, PSL aims to achieve a gross sale of $200 million in the next two to three years and is eyeing an IPO by 2026.
Expanding the omnichannel experience
Purple Style Labs, which acquired Pernia’s Pop-Up Shop in 2018, operates 15 experience centres globally, including in major Indian cities and London.
It sells products of renowned labels such as Tarun Tahiliani, Falguni Shane Peacock, Amit Aggarwal, Gaurav Gupta, Seema Gujral, Abhinav Mishra, Shyamal & Bhumika.
According to founder Abhishek Agarwal, The startup plans to extend its reach to fashion hubs like New York, San Francisco, Los Angeles, Dubai, Singapore, and various Indian tier-II cities. These centres offer an array of designer wear, contributing to the brand's 4X revenue increase in FY22 and consistent year-on-year growth, he said.
A platform for designer wear
PSL, through Pernia’s Pop-Up Shop, provides an organized retail space that showcases established labels and nurtures new design talent. Its strategy has led to a substantial increase in sales, with the latest figures showing gross sales of over $60 million.
PSL has positioned itself as a significant player among competitors like ShopStyle and FabIndia by focusing on luxury Indian designer wear.