Purple Style Labs secures $40 million for global expansion

Purple Style Labs (PSL), the parent company of Pernia’s Pop-Up Shop, has successfully raised approximately $40 million in a Series E funding round led by notable investors, including SageOne Flagship Growth OE Fund and Alchemy Long Term Ventures Fund. This funding will primarily be used to enhance PSL's omnichannel capabilities and support its aggressive expansion plans both in India and internationally, targeting major fashion hubs like New York and Dubai. Since acquiring Pernia’s Pop-Up Shop in 2018, PSL has scaled the business by over 100 times, now operating more than 15 experience centers across India and a store in London. Founder Abhishek Agarwal emphasized the company's commitment to redefining the luxury fashion landscape and aims for $200 million in gross sales next year. The funding round also attracted participation from a diverse group of investors, including family offices and prominent designers. PSL is preparing for an initial public offering (IPO) scheduled for 2026, following a period of impressive growth with consolidated revenue exceeding Rs 500 crore in FY24.