New Delhi, March 13 -- Purple Style Labs, the parent company of luxury ethnic wear platform Pernia's Pop-Up Shop, has raised $40 million (Rs 348.1 crore) in its Series E funding round.

The round, which combined both primary and secondary capital, was led by investment firms SageOne Flagship Growth OE Fund, Alchemy Long Term Ventures Fund, Bajaj Holdings & Investment, and Minerva Ventures Fund. Primary capital accounted for around 40% of the funding, with secondary investments accounting for the remaining portion.

New investors in the round included 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, as well as several designers, celebrities, and sports personalities. Existing investors also participated in the round.

"This capital infusion will fuel our aggressive expansion plans, both domestically and internationally, while strengthening our omnichannel capabilities to bolster the shopping experience for Indian fashion globally," said Abhishek Agarwal, founder of Purple Style Labs. He set up the company in 2015.

Purple Style Labs operates as a luxury fashion house, with Pernia's Pop-Up Shop offering bridal and occasion-wear clothing from renowned designers such as Tarun Tahiliani, Amit Aggarwal, Falguni Shane Peacock, Gaurav Gupta, Seema Gujral, Abhinav Mishra, and Shyamal and Bhumika.

The company acquired Pernia's Pop-Up Shop in 2018 and has since scaled it extensively across various verticals, retail formats, and locations. In 2020, it also acquired the eponymous label of designer Wendell Rodricks, who passed away that year.

"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," Agarwal said.

Pernia's Pop-Up Shop operates in key cities, including Mumbai, Delhi, Bengaluru, Hyderabad, Kolkata, Ahmedabad, Chennai, Surat, Indore, and also boasts an international store in Mayfair, London.

"In 2025, we are set to launch India's largest multi-designer luxury retail store at the iconic Ismail Building at Fort, Mumbai," said Agarwal. "Looking ahead, we are committed to expanding our footprint in key global fashion capitals like New York, Los Angeles, Dubai, Mumbai and Delhi, alongside deepening our presence in India with new stores in tier-II markets."

The Series E funding round comes over a year after the company raised $8 million in its Series D round in November 2023. The round was led by Sanket Parekh of the Pidilite family office, with participation from Signet, the family office of Harish Shah, Hira Group's family office, and other investors.

Throughout its journey, Purple Style Labs has also been supported by Singularity Growth Opportunities Fund I, Flipkart co-founder Binny Bansal, Neelesh Bhatnagar of NB Ventures, fashion designer Masaba Gupta, Astarc Ventures, ValueQuest SCALE Fund, among others.

The company claims to have generated over Rs 500 crore in revenue in the last financial year, up from Rs 372 crore in operating revenue in FY23 on a consolidated basis.

Published by HT Digital Content Services with permission from VC Circle.