Luxury Fashion Platform Purple Style Labs to Raise ₹750 Crore via IPO

Purple Style Labs (PSL), the parent company behind Pernia’s Pop-Up Shop (PPUS), plans to raise ₹750 crore (approximately $85 million) through a fresh equity issuance as part of its upcoming initial public offering (IPO).

According to regulatory filings reviewed by Entrackr, PSL’s board has approved a special resolution to issue up to ₹750 crore in fresh shares. Notably, the filings do not mention any offer for sale (OFS) component.

Purple Style Labs Prior Fundings

Earlier this year, in March, PSL successfully closed a Series E funding round, raising around $40 million. The round was led by SageOne Flagship Growth OE Fund and Alchemy Long Term Ventures Fund and attracted investments from celebrities and sports icons such as Salman Khan and Sachin Tendulkar.

Efforts to obtain comments from Purple Style Labs remained unanswered at the time of reporting.

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About Purple Style Labs

Founded in 2015 by Abhishek Agarwal, Purple Style Labs operates as a luxury fashion platform, with Pernia’s Pop-Up Shop and The Stylist under its umbrella. Since acquiring Pernia’s in 2018, PSL has expanded its footprint to over 15 experience centers across major Indian metros and London. The company has raised over $87 million from investors, including Binny Bansal and Volrado Venture Partners.

Purple Style Labs reported a 36% year-on-year growth in revenue from operations, reaching ₹508 crore in FY24, up from ₹372 crore in FY23. However, losses increased by 20% to ₹45.6 crore during the same period.

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