VC Fund Investments
Luxury fashion player Purple Style Labs raises $14-M from ValueQuest, ScaleFund, others
Mumbai-headquartered luxury fashion house Purple Style Labs has raised USD 14 million (about INR 114.5 crore) in a Series C funding round led by ValueQuest, ScaleFund, Singularity Growth Opportunities Fund I, ValPro, and Masaba Gupta. The funding round also saw participation from existing investors such as Astarc Ventures, Param Capital partner Mukul Agrawal, and Xander Group founder Sid Yog. Founded by Abhishek Agarwal in 2015, Purple Style Labs retails high-end designer brands under Pernia's Pop-Up Shop brand, which it acquired in 2018. It also incubates young designer brands and helps them with sales, marketing, and technical support. Over the next two years, it aims to open stores in New York, San Francisco, Los Angeles, Dubai, and Singapore. Purple Style Labs closed FY23 with a consolidated revenue of over USD 45 million. It also claimed to have achieved EBITDA breakeven in FY23. In June last year, the fashion brand raised USD 10 million in its Series B round led by angel investor Akash Bhansali. It also saw participation from other angel investors such as actor Madhuri Dixit Nene, Alpha Wave Global's Navroz Udwadia.
From the Venture Intelligence PE-VC Deal Database: Between Oct 15 and Feb 22, Purple Style Labs had raised over USD 18 M from Augment Ventures, Astarc Ventures, Lemon Innovision Ventures, Touchstone Equities, Yuj Ventures, Volrado Ventures and others (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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