In a fresh investment round, more than 80 investors are contributing Rs. 102 crore, or roughly $12 million, to Purple Style Labs (PSL), the parent business of Pernia's Pop-Up Shop (PPUS).
According to Purple Style Labs' regulatory filing obtained from the Registrar of Companies (RoC), the board has approved a special resolution to issue 2,040 preference shares at an issue price of Rs. 5,00,000 each in the last three months in order to raise Rs. 102 crore, or $12 million.
S Four Capital, Cordelia Family Trust, Minerva Ventures Fund, and Sopariwala Exports would each contribute Rs. 10 crore, Rs. 5 crore, Rs. 6 crore, and Rs. 5 crore. Sachin Tendulkar, Salman Khan, Surya Kumar Yadav, Shraddha Kapoor, Sailesh Gupta, Pravesh Dhandhania, Fahim Sultan Ali, and seventy-three additional private investors would donate the remaining sum.
These earnings will be used by the business to cover working capital needs and for general corporate reasons. According to Entrackr, the company's post-allotment valuation will be approximately $400 million.
Purple Style Labs, a high-end fashion platform that houses Pernia's Pop-Up Shop and The Stylist, was founded in 2015 by Abhishek Agarwal. Since purchasing Pernia's Pop-Up Shop in 2018, it has grown to include 15 experience centers in London and key Indian cities.
Purple Style Labs' sales increased from Rs. 372 crore in FY23 to Rs. 508 crore in the most recent fiscal year, representing a 36% year-over-year increase.
But this growth came at a price: in the most recent fiscal year, its losses rose by 20% to Rs. 45.6 million.
In order to prepare for its 2026 IPO, Purple Style Labs has set a goal of $200 million in gross sales for the following year.
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