Total amount raised
$78.4 Millions
Latest funding date
03/01/2025
Location
Purple Style Labs has successfully raised $48 million over multiple funding rounds, with the latest being a Series E round. The company has garnered support from 58 investors, including notable names like Satyen Kanoria and Singularity AMC.
Keep reading to explore the intricacies of Purple Style Labs' fundraising journey and the investors backing this innovative platform.
What Is Purple Style Labs?
Purple Style Labs, founded in 2015, is an omnichannel luxury fashion house based in Mumbai, Maharashtra, India. The company curates and scales designer brands, offering a wide range of luxury fashion products including apparel, footwear, jewelry, and accessories.
Founded by Abhishek Agarwal, Purple Style Labs has grown to employ between 501-1000 people. The company maintains a significant online and offline presence, with retail stores in major Indian cities and an international location in London.
With a vision to expand the reach of Indian design to global markets, Purple Style Labs invests in younger labels and acquires mature brands, aiming to create one of the largest luxury fashion houses in the country.
How Much Funding Has Purple Style Labs Raised?
- Seed Round
- Amount Raised: $3 million
- Date: August 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and establish its initial market presence.
- Series B
- Amount Raised: $10 million
- Date: June 2022
- Lead Investors: Akash Bhanshali
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the company's retail footprint and enhance its product offerings.
- Venture Round
- Amount Raised: ₹100 million
- Date: September 2022
- Lead Investors: Klub
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's growth and operational scaling.
- Series C
- Amount Raised: ₹1.1 billion
- Date: April 2023
- Lead Investors: Masaba Gupta, Valpro Capital, ValueQuest Investment Advisors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand the company's market reach and enhance its luxury fashion offerings.
- Series D
- Amount Raised: ₹666 million
- Date: November 2023
- Lead Investors: Sanket Parekh
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling operations and solidify the company's market position.
- Series E
- Amount Raised: $40 million
- Date: March 2025
- Lead Investors: SageOne Flagship Growth OE Fund, Alchemy Long Term Ventures Fund, Bajaj Holdings & Investment, Minerva Ventures Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel aggressive expansion plans both domestically and internationally and to strengthen omnichannel capabilities.
Total Amount Raised: $61 million
Current Valuation: Not publicly disclosed
Key Investors
- SageOne Flagship Growth OE Fund
- Details: SageOne Flagship Growth OE Fund is a Pune-based investment fund known for its growth-oriented investments. It led the Series E funding round for Purple Style Labs.
- Investment Focus Areas: Growth investments, long-term ventures, high-growth potential companies.
- Notable Investments: Not publicly disclosed.
- Alchemy Long Term Ventures Fund
- Details: Alchemy Long Term Ventures Fund focuses on long-term investment opportunities. It co-led the Series E funding round for Purple Style Labs.
- Investment Focus Areas: Long-term ventures, diverse sectors, high-growth potential companies.
- Notable Investments: Not publicly disclosed.
- Bajaj Holdings & Investment
- Details: Bajaj Holdings & Investment is the investment arm of the Bajaj Group, a prominent Indian conglomerate. It co-led the Series E funding round for Purple Style Labs.
- Investment Focus Areas: Diverse sectors, long-term growth, high-growth potential companies.
- Notable Investments: Not publicly disclosed.
- Minerva Ventures Fund
- Details: Minerva Ventures Fund is a venture capital fund that participated in the Series E funding round for Purple Style Labs. It focuses on high-growth potential investments.
- Investment Focus Areas: Venture capital, high-growth potential companies, diverse sectors.
- Notable Investments: Not publicly disclosed.
- Sanket Parekh
- Details: Sanket Parekh is an individual investor who led the Series D funding round for Purple Style Labs. He is known for his strategic investments in high-growth companies.
- Investment Focus Areas: High-growth potential companies, strategic investments, diverse sectors.
- Notable Investments: Not publicly disclosed.
What's Next for Purple Style Labs?
With a vision to expand both domestically and internationally, Purple Style Labs is poised to capitalize on the growing demand for luxury fashion. The company plans to open new stores in key global fashion capitals and tier-II markets in India, aiming to enhance its omnichannel capabilities and establish more experience centers worldwide. This aggressive expansion is backed by a strong financial performance, with a CAGR of over 100% between FY21 and FY24 and a target of $200 million in gross sales for the upcoming year.
Future fundraising opportunities are likely as the company gears up for an IPO in 2026. Continued interest from a diverse group of investors, including family offices and venture funds, suggests a robust financial backing for further growth. However, challenges such as maintaining high growth rates, managing international expansion, and navigating competitive pressures in the luxury fashion market could pose significant hurdles. Ensuring a consistent brand experience across all channels and locations will be crucial for sustaining their market position.
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