PC: Snackfax
Bollywood superstar Salman Khan and cricket legend Sachin Tendulkar have joined Purple Style Labs, as reported by Entrackr, in an exciting development for the fashion indo , where they join Purple Style Labs as part of a new funding round. The luxury fashion platform is looking to raise Rs 102 crore (around $12 million) from more than eighty investors through this investment round.
Details of the Funding Round
The parent company of Pernia’s Pop-Up Shop, Purple Style Labs, too has recently passed a special resolution to issue 2,040 ce shares at issue price of Rs 5,00,000 a piece. Funds raised will be used for general corporate use and to meet the working capabilities. Among the notable investors in this round are Minerva Ventures Fund, Cordelia Family Trust, S Four Capital, and Sopariwala Exports who have contributed Rs 10 crore, Rs 5 crore, Rs 6 crore and Rs 5 crore, respectively.
Celebrity Contributions
Salman Khan and Sachin Tendulkar playing thigh-profile high makes Labs Le Style Labs credibility and visibility at par. Other individual investors such as Surya Kumar Yadav, Raddha Kapoor, and many more are also participating in the fuTheird. With their financial support, not only financial support, but also enhance the brand’s city to have appeal in the competitive luxury fashion market.
Company Growth and Future Plans
Purple Style Labs was founded by Abhishek Agarwal in 2015 and since it acquiPop-Uprnia’s Pop Up Sit hop in 2018, has seen a considerable amount of growth. The company now has 15 experience centers located in major Indian cities and London. According to records, Purple Style Labs grew by 36 percent, year on year and its revenue went up to Rs 508 crore in FY23 up from Rs 372 crore in FY22. But despite this expansion, losses went up 20% to Rs 45.6 crore.
In reality, Purple Style Labs is preparing for an initial public offering in 2026 and wants to reach $200 million in gross sales next year. The company’s future success in the luxury fashion sector is due to its strategies and with the backing of celebrity investors.
Conclusion
Interestingly, this is a big development involving the entry of Salman Khan and Sachin Tendulkar in Purple Style Labs’ funding round, where there is a lot of talk about growing interest in the luxury fashion market. Purple Style Labs has already demonstrated a strong ability to grow its business and has a vision for the future that is bound to make a big impression.
