VC Fund Investments
Fashion player Purple Style Labs to raise Rs.102-Cr from Minerva Ventures, others
Mumbai-based Purple Style Labs (PSL), the parent company of Pernia’s Pop-Up Shop (PPUS), is raising INR 102 crore (around USD 12 million) in a funding round from more than 80 investors including Minerva Ventures Fund (which contributed INR 10 crore), Cordelia Family Trust (INR 5 crore), S Four Capital (INR 6 crore) and Sopariwala Exports (INR 5 crore). The remaining amount will be contributed by individuals, including Sachin Tendulkar, Salman Khan, Surya Kumar Yadav, Shraddha Kapoor, Sailesh Gupta, Pravesh Dhandhania, Fahim Sultan Ali, and 73 others.The company is to issue 2,040 preference shares at INR 5,00,000 each to raise the amount. The proceeds will be used for general corporate purposes and to meet working capital requirements.Founded in 2015 by Abhishek Agarwal, Purple Style Labs is a luxury fashion platform housing Pernia’s Pop-Up Shop and The Stylist. Since acquiring Pernia’s Pop-Up Shop in 2018, it has expanded to 15 experience centers across Indian cities and London.The firm is gearing up for an initial public offering (IPO) in 2026 and has set a target of USD 200 million in gross sales for the upcoming year.
Between Oct 2015 and Dec 2024, Purple Style Labs had attracted about USD 44 M from Augment Ventures, Singularity AMC, Touchstone Equities, Volrado Ventures, Astarc Ventures, ValueQuest, Touchstone Equities, Yuj Ventures and Lemon Innovision Ventures.For FY24, Purple Style Labs had reported about INR 508 Cr in Operating Income and about INR 46 Cr in Net loss.
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