Mumbai-based Purple Style Labs (PSL), the parent company of Pernia’s Pop-Up Shop (PPUS), has raised ₹102 crore (approximately $12 million) in a fresh funding round from over eighty investors as it prepares for an initial public offering (IPO) in 2026.
According to regulatory filings sourced from the Registrar of Companies (RoC), PSL’s board approved a special resolution to issue 2,040 preference shares at ₹5,00,000 each, raising ₹102 crore over the past three months.
Key investors include Minerva Ventures Fund (₹10 crore), Cordelia Family Trust (₹5 crore), S Four Capital (₹6 crore), and Sopariwala Exports (₹5 crore), along with 77 individual backers, including Sachin Tendulkar, Salman Khan, Surya Kumar Yadav, and Shraddha Kapoor.
The funds will be used for general corporate purposes and working capital requirements. Following this allotment, PSL’s valuation is expected to reach $400 million.
Founded in 2015 by Abhishek Agarwal, Purple Style Labs has positioned itself as a luxury fashion platform, operating Pernia’s Pop-Up Shop and The Stylist.
Since acquiring PPUS in 2018, the company has expanded to 15 experience centers across major Indian cities and London.
The company recorded a 36% year-on-year growth, with revenue climbing to ₹508 crore in the last fiscal year from ₹372 crore in FY23.
However, losses widened by 20 percent, reaching ₹45.6 crore due to aggressive expansion efforts.
With an IPO planned for 2026, PSL is targeting $200 million in gross sales for the upcoming year. The latest funding will help strengthen its market presence and support further expansion in the luxury fashion sector.
