Purple Style Labs (PSL) has raised $40 million in its Series E round led by Pune-based SageOne Flagship Growth OE Fund, with participation from Alchemy Long Term Ventures Fund, Bajaj Holdings & Investment and Minerva Ventures Fund, the a luxury fashion company said on March 13.
PSL is the parent company and runs luxury brands such as Pernia’s pop-up shop and First Look. The fresh cash infusion comes shortly after PSL signed a lease agreement to open a store in one of the priciest retail spaces in the country by paying a rent of Rs 10 lakh each day.
In February, PSL became the latest tenant at South Bombay’s (SOBO) Ismail building at Flora Fountain after fast-fashion giant Zara decided to give up the space and shut down its only standalone store in India.
PSL’s latest round also included secondary transactions wherein existing investors sold shares and made way for new ones. Investors such as S Four Capital, Sopariwala Exports, Kemfin Family Office, Cordelia Family Trust, Weikfield Family Office, Salil Taneja Family Office, PKM Capital (Mehta Family Office), Satyen Kanoria and Ritesh Kamani also participated in the round.
Celebrities and sportsmen such as Sachin Tendulkar, Salman Khan, Surya Kumar Yadav and Shraddha Kapoor also invested in the company, Entrackr reported earlier this month.
“This capital infusion will fuel our aggressive expansion plans, both domestically and internationally, while strengthening our omnichannel capabilities to bolster the shopping experience for Indian fashion globally,” said Abhishek Agarwal, Founder of Purple Style Labs.
The company has raised money at a time when fashion and retail firms are looking to establish an omnichannel presence to tap more customers in India and outside.
“Looking ahead, we are committed to expanding our footprint in key global fashion capitals like New York, Los Angeles, Dubai, Mumbai and Delhi, alongside deepening our presence in India with new stores in tier-II markets," Agarwal added.
The company already has over 15 stores in Mumbai, Delhi, Bengaluru, Hyderabad, Kolkata, Ahmedabad, Chennai, Surat, Indore and a store in Mayfair, London.
PSL, which is also backed by Flipkart co-founder Binny Bansal, said it has delivered a compound annual growth rate (CAGR) of over 100 percent between FY21 and FY24, likely propelled by the premiumisation theme playing across categories, especially fashion.
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