Luxury Clothing Startup Purple Style Labs Bags $14 Mn Funding

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Purple Style Labs, a luxury clothing startup and parent company of Pernia’s Pop-Up Shop, has raised $14 million in a Series C funding round. The funding was led by ValueQuest, ScaleFund, Singularity Growth Opportunities Fund I, ValPro, and Masaba Gupta, among others. Purple Style Labs retails high-end designer brands under the Pernia’s Pop-Up Shop brand and incubates young designer brands, helping them with sales, marketing, and technical support. The company has opened 15 Pernia’s Pop-Up Studio experience centers across Indian cities and an international store in Mayfair, London, and aims to open stores in New York, San Francisco, Los Angeles, Dubai, and Singapore. Purple Style Labs claims to have seen over 100% YoY growth during the last two years and closed FY23 with a consolidated revenue of over $45 million.

The Indian luxury fashion market is expected to grow at a CAGR of 1.32% during 2023-2028 to reach a size of $1.64 billion in 2028 from $1.53 billion in 2023, according to Statista. In June last year, Purple Style Labs raised $10 million in its Series B round led by angel investor Akash Bhansali. The funding round also saw participation from other angel investors such as actor Madhuri Dixit Nene and Alpha Wave Global’s Navroz Udwadia. According to Statista, the Indian luxury fashion market is expected to grow at a CAGR of 1.32% during 2023-2028 to reach a size of $1.64 billion in 2028 from $1.53 billion in 2023. Purple Style Labs’ latest fundraise comes at a time when the Indian startup ecosystem has been facing a funding winter. According to a report by Venture Intelligence, the funding raised by Indian startups declined 75% YoY to $3 billion in the first quarter of 2023. This decline can be attributed to a combination of factors, including a tighter regulatory environment, economic uncertainty, and the global impact of the COVID-19 pandemic. However, despite these challenges, some startups like Purple Style Labs are still able to secure significant funding rounds to fuel their growth and expansion plans.