Purple Style Labs Secures $40 Million in Series E to Expand Luxury Fashion

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India’s luxury fashion scene received a significant boost as Purple Style Labs (PSL) — the parent company of the high-end fashion platform Pernia’s Pop-Up Shop — announced the successful raise of approximately $40 million in Series E funding. The capital infusion will support the company’s aggressive expansion plans, both within India and across key global markets, and strengthen its omnichannel retail experience.

The funding round was led by SageOne Flagship Growth OE Fund, Alchemy Long Term Ventures Fund, Bajaj Holdings & Investment, and Minerva Ventures Fund, along with participation from notable investors including S Four Capital, Sopariwala Exports, Kemfin Family Office, Cordelia Family Trust, Weikfield Family Office, Salil Taneja Family Office, PKM Capital, and Satyen Kanoria, among others.

Founded in 2015 by Abhishek Agarwal, Purple Style Labs operates one of the leading omnichannel luxury fashion ecosystems in India, anchored by Pernia’s Pop-Up Shop. Since acquiring Pernia’s in 2018, the company has dramatically grown its retail presence, establishing over 15 experience centres in major Indian cities — including Mumbai, Delhi, Bengaluru, Hyderabad, Chennai, Ahmedabad, Kolkata, Surat, and Indore — as well as an international flagship in Mayfair, London.

In a statement, Agarwal said the fresh capital will be deployed to accelerate domestic and international expansion, enhance omnichannel capabilities, and elevate the overall shopping experience for customers. The company also plans to open flagship retail stores in global fashion capitals such as New York, Los Angeles, and Dubai, in addition to further deepening its presence in India’s Tier-II cities.

The Series E funding comes on the back of robust growth, with Purple Style Labs reporting more than 100 % compound annual growth rate (CAGR) between FY21 and FY24 and consolidated revenues exceeding ₹500 crore in FY24.

The move also aligns with the company’s broader long-term strategy, which includes plans to pursue an initial public offering (IPO). Purple Style Labs has already filed preliminary draft papers with market regulator SEBI to raise around ₹660 crore (approximately $79 million) via a fresh equity issue — a step aimed at fueling further retail expansion and operational growth.

By combining luxury fashion curation with omnichannel retail and digital innovation, Purple Style Labs is positioning itself as a formidable global ambassador for Indian designer brands, bridging local creativity with international markets

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