Purple Style Labs raises $14M in Series C funding round
Purple Style Labs the parent company of Pernia’s Pop-Up Shop (PPUS), has secured $14 million in Series C funding from investors such as ValueQuest SCALE Fund, Singularity Growth Opportunities Fund I, ValPro, Masaba Gupta, and others.
Existing investors including Astarc Ventures, Mukul Agrawal (Param Capital), Neelesh Bhatnagar (NB Ventures), and Yuj Ventures/Sid Yog (Founder, Xander Group) also participated in the round. As part of its ambition, the corporation intends to continue buying established brands while also investing money in newer labels.
Abhishek (Monty) Agarwal, the founder of Purple Style Labs, stated, "In the coming years, we hope to achieve new heights with more important international locations, broadening our presence, and taking Indian fashion and design to the next level."
Purple Style Labs, a one-stop shop for luxury fashion for bridal and ceremonial needs, was established in 2015. It features jewellery and accessories from designers such Shyamal & Bhumika, Tarun Tahiliani, Falguni Shane Peacock, Amit Aggarwal, Gaurav Gupta, Seema Gujral, and many more.
It closed FY 22-23 with more over $45 million in revenue on a consolidated basis and achieved EBITDA breakeven at the same time, showing more than 100% Y-o-Y growth over the previous two years. The business also said that its projected March 2024 exit gross sales run rate is $120 million, up from a projected run rate of $75 million in March 2023.
It is the only business from India to make the top 100 list for clothing and fashion. It bought Pernia's Pop-Up Shop in 2018 and scaled it over 70 times in the previous five years. In addition to an international store in Mayfair, London, PSL has launched 15 Pernia's Pop-Up Studio experience centres in well-known cities including Mumbai, Delhi, Bengaluru, Hyderabad, Kolkata, and Ahmedabad.
Existing investors including Astarc Ventures, Mukul Agrawal (Param Capital), Neelesh Bhatnagar (NB Ventures), and Yuj Ventures/Sid Yog (Founder, Xander Group) also participated in the round. As part of its ambition, the corporation intends to continue buying established brands while also investing money in newer labels.
Abhishek (Monty) Agarwal, the founder of Purple Style Labs, stated, "In the coming years, we hope to achieve new heights with more important international locations, broadening our presence, and taking Indian fashion and design to the next level."
Purple Style Labs, a one-stop shop for luxury fashion for bridal and ceremonial needs, was established in 2015. It features jewellery and accessories from designers such Shyamal & Bhumika, Tarun Tahiliani, Falguni Shane Peacock, Amit Aggarwal, Gaurav Gupta, Seema Gujral, and many more.
It closed FY 22-23 with more over $45 million in revenue on a consolidated basis and achieved EBITDA breakeven at the same time, showing more than 100% Y-o-Y growth over the previous two years. The business also said that its projected March 2024 exit gross sales run rate is $120 million, up from a projected run rate of $75 million in March 2023.
It is the only business from India to make the top 100 list for clothing and fashion. It bought Pernia's Pop-Up Shop in 2018 and scaled it over 70 times in the previous five years. In addition to an international store in Mayfair, London, PSL has launched 15 Pernia's Pop-Up Studio experience centres in well-known cities including Mumbai, Delhi, Bengaluru, Hyderabad, Kolkata, and Ahmedabad.
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