The parent company of Pernia’s Pop-Up Shop, Purple Style Labs (PSL), has secured $8 million in a Series D funding round led by Sanket Parekh of the Pidilite Family Office. The fashion retailer, which offers luxury designer wear online and offline, is now valued at $352 million.
Abhishek (Monty) Agarwal, Founder of PSL, said that the startup aims to take Indian fashion and design to the next level by expanding into key domestic and international locations and launching new verticals. He added that Pernia’s Pop-Up Shop has grown 100X in less than six years since its acquisition by PSL in 2018, and claimed to be the country’s largest luxury fashion omnichannel platform.
Pernia’s Pop-Up Shop houses bridal and occasion-wear labels like Tarun Tahiliani, Falguni Shane Peacock, and Gaurav Gupta, among others.
Pernia Pop-Up Shop Achieves 100% Y-o-Y Growth
PSL claimed to have achieved over 100% Y-o-Y growth for the past two years, closing FY22-23 with consolidated gross sales exceeding $60 million. While the current gross sales run rate is $100 million, it plans to achieve over $200 million in gross sales in the next two to three years and targets an IPO in 2026.
Sanket Parekh of the Pidilite Family Office, said that Pernia’s Pop-Up Shop has bridged a significant industry gap, offering an organised retail space for designer wear, allowing designers to focus on their creative talents.
Sanket also said that Pernia’s Pop-Up Shop can become the foremost destination for discovering new design talent in the coming decade.
The funding round of Pernia Pop-up Shop also saw participation from Signet (Harish Shah Family Office), Hira Group Family Office, Singularity Growth Opportunities Fund I, Neelesh Bhatnagar (NB Ventures), Masaba Gupta, and Rahul Garg and Atul Gupta (former Partners at Premji Invest), among others.