Purple Style Labs Secures $40M in Series E Funding from SageOne & Others:

Purple Style Labs (PSL) is undergoing drastic changes. The luxury fashion firm revealed on March 13 that it has raised $40 million in its Series E funding from SageOne Flagship Growth OE Fund based out of Pune, Alchemy Long Term Ventures Fund, Bajaj Holdings and Investment and Minerva Ventures Fund.

The new funding comes soon after PSL's lease signing for on of the most expensive retail locations in India, costing Rs 10,000 per day. PSL is the consolidated parent company of several brands including the luxury fashion line, Pernia’s pop-up shop and First Look.

In February, PSL took over the location at Flora Fountain in SoBo from fast fashion retailer Zara, who closed their only store in India. PSL’s latest round also included secondary transactions, allowing current investors to cash out and new investors to enter. Other participants in this round included S Four Capital, Sopariwala Exports, Kemfin Family Office, and many more.

Investors included notable individuals such as Salman Khan, Surya Kumar Yadav, Shraddha Kapoor, and most importantly Sachin Tendulkar. Entrackr appraised their investment earlier this March.

“Sethi's latest venture will target customers in India and abroad, improving the shopping experience for Indian fashion globally while achieving an aggressive expansion strategy integrated with domestic and foreign channels,” said Abhishek Agarwal, founder of Purple Style Labs.

The company's capital increase coincides with the activity of fashion and retail businesses eager to omni-channel as many clients in India and other countries as possible.

The company already boasts over 15 outlets across Mumbai, Delhi, Bengaluru, Hyderabad, Kolkata, Ahmedabad, Chennai, Surat, Indore, and even a store in Mayfair, London.

Agarwal further expanded on this aggressively growing strategy claiming, “We will also strengthen our position in the Indian market by opening new locations in tier-II cities alongside these plans concerning global fashion hubs like New York, LA, Dubai, Mumbai and Delhi."

The company’s CEO unveiled boosted capex targets alongside the 100% CAGR of retail demand unleashed by post-21 lockdown policies, heralding a new era of ultra-modern retail shopping, particularly fashion stores. PSL also is known to be funded by Flipkart co-founder Binny Bansal, furthering the marquee investments interest in India.