Purple Style Labs (PSL), parent company of Pernia's Pop-Up Shop, has raised $40 million in a Series E funding as part of an effort to build out its omnichannel luxury retail network. It was led by SageOne Flagship Growth OE Fund, Alchemy Long Term Ventures Fund, Bajaj Holdings and Investment, and Minerva Ventures Fund, among others, through secondary investments.

Established in 2015 by Abhishek Agarwal, PSL runs luxury fashion websites Pernia's Pop-Up Shop and The Stylist. The new capital will drive domestic and overseas expansion, including the launch of India's biggest multi-designer luxury store at the Ismail Building in Fort, Mumbai. PSL is also looking to enter global fashion capitals such as New York, Los Angeles, Dubai, and Delhi, besides increasing its foothold in India's Tier II cities.

New participants like S Four Capital, Sopariwala Exports, Kemfin Family Office, and Cordelia Family Trust also joined the round, in addition to top family offices, fashion designers, celebrities, and sportspersons. Other existing investors like Singularity Growth Opportunities Fund I, Neelesh Bhatnagar, Pidilite Family Office, and others also joined in.

"This investment supports our vision to take Indian designer fashion to a global platform and elevate the customer experience with omnichannel innovation", said PSL's Founder and CEO Abhishek Agarwal.

PSL acquired Pernia's Pop-Up Shop in 2018, step up its growth. The firm has since opened more than 15 experience centres in key Indian cities such as Mumbai, Delhi, Bengaluru, Hyderabad, Kolkata, Ahmedabad, and Surat, with an international store in Mayfair, London.

The Series E investment comes on the heels of a $14 million Series C in April 2023 and an $8 million Series D in November 2023. PSL will further cement its place as a key player in the luxury fashion world with its current funding, leveraging digital innovation to complement immersive store experiences.