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Business News/ Companies / Start-ups/  Pernia’s Pop-Up Shop parent Purple Style Labs raises 10 cr from Klub
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Pernia’s Pop-Up Shop parent Purple Style Labs raises ₹10 cr from Klub

The Mumbai-based fashion e-commerce platform raised capital to grow in the Indian retail space

Pernia’s Pop-Up Shop has 10 stores and an online presence.Premium
Pernia’s Pop-Up Shop has 10 stores and an online presence.

Purple Style Labs, the company that runs Pernia’s Pop-Up Shop and Wendell Rodricks, has received a fresh round of funding of 10 crore from financing platform Klub. 

The company, which raised $10 million earlier this year, said it would use this fresh funding to expand its footprint geographically. 

Klub has a fund and also gives companies access to capital through NBFCs, HNIs, and other financial institutions and is backed by Sequoia Capital’s Surge, US-based Alter Global and others.

In June, the company’s Series-B round was led by Akash Bhansali, director, Enam Holdings and saw participation from investors such as Madhuri Dixit; Navroz Udwadia, co-founder of Alpha Wave Global; Yuj Ventures; Sid Yog, founder of the Xander Group; Rahul Garg, partner at Premji Invest; Mukul Agrawal, founder of Param Capital, among others.

It acquired Pernia’s Pop-Up Shop in 2018 and has 10 stores and an online presence. It said it retails about 1000 designers like Tarun Tahiliani, Anita Dongre, Rohit Bal, Ritu Kumar, Shyamal and Bhumika, Falguni Shane Peacock, Amit Aggarwal, House of Masaba etc.

“We are very focussed leading the market by combining scale with our curation (of brands). Our raise from Klub will fuel our growth in the Indian luxury retail space," said Abhishek (Monty) Agarwal, founder.

The company will also expand into international markets with retail stores in New York and Dubai in the next 12-18 months.

Anurakt Jain, co-founder and CEO of Klub said, “As the festive and wedding season in India is here, the demand for luxury Indian and western wear is also going to see a considerable spike. The fashion industry is slated to see exponential growth this year and we are excited to work with them during this phase."

According to data from research firm McKinsey’s ‘FashionScope’, India’s apparel market will be worth $59.3 billion this year, making it the sixth largest in the world, comparable to the United Kingdom’s ($65 billion) and Germany’s ($63.1 billion).

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ABOUT THE AUTHOR
Varuni Khosla
Varuni Khosla is a journalist with close to 14 years of experience in writing business news stories for mainstream newspaper companies like Mint and The Economic Times. She reports and writes on luxury and lifestyle brands, hospitality and tourism news, the business of sports, the business of advertising and marketing and alcohol brands.
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Published: 14 Sep 2022, 10:05 AM IST
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