Funding News: Purple Style Labs Secures $40 Million in Series E to Build Luxury Retail Network

Startup: Purple Style Labs

Founder: Abhishek Agarwal

About us: Purple Style Labs endeavours to build the biggest Luxury Fashion House in India comprising of designer platforms like Pernia's Pop-Up Shop. Bringing together truly exceptional houses, with an online and offline presence, Purple Style Labs is creating your favourite destinations to discover Indian designer wear in truly unique settings.

Founded Year: 2015

Office: Mumbai

Sector: Retail Apparel and Fashion,

Funding Round: Series E

Investors: SageOne Flagship Growth OE Fund, Alchemy Long Term Ventures Fund, Bajaj Holdings and Investment, Minerva Ventures Fund

New Investors: Four Capital, Sopariwala Exports, Kemfin Family Office, Cordelia Family Trust

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.

Website: http://www.purplestylelabs.com/