IPO · Commerce & Consumer Brands

Purple Style Labs opens ₹680 Cr IPO

By Startup Enthusiast · 15 August 2026

Date: 15 August 2026
Company: Purple Style Labs
What it does: Omnichannel luxury fashion platform
Kind: IPO
Amount: ₹680 Cr
Based in: Mumbai
Founded: 2015
Sector: Commerce & Consumer Brands

What they do

Purple Style Labs operates omnichannel Indian luxury fashion platform Pernia's Pop-Up Shop across digital channels and global physical experience centres

What happened

The company opened its ₹680 crore initial public offering, comprising entirely fresh issue equity shares at ₹546 to ₹575 per share

Why it matters

Proceeds will fund experience centre lease liabilities and marketing, as the loss-making retailer seeks to expand after amassing ₹370 crore in debt

The details

Purple Style Labs Limited opened its initial public offering on August 31, 2026, aiming to raise up to ₹680 crore entirely through a fresh issue of shares, with no offer for sale. The price band has been fixed at ₹546 to ₹575 per share, valuing the company at up to ₹4,603.5 crore at the cap. Ahead of the issue opening, the company raised ₹306 crore by allotting 53.21 lakh shares to 10 anchor investors at ₹575 per share, led by ICICI Prudential Mutual Fund, Jupiter India Fund, and Aditya Birla Sun Life Insurance. Axis Capital and IIFL Capital Services are book-running lead managers, with listing proposed on BSE and NSE.

The bigger picture

Purple Style Labs has accumulated heavy debt and three straight years of losses after funding aggressive retail expansion through borrowing. Borrowings surged to roughly ₹371 crore by March 2026 at interest rates between 15% and 18%, resulting in negative net worth. Net proceeds will fund lease liabilities and marketing over the next three to four years rather than pay down debt directly, as management expects store operations to organically service liabilities and generate positive cash flows.

About the business

Incorporated in Mumbai in August 2015, Purple Style Labs operates the luxury fashion platform Pernia's Pop-Up Shop, which it acquired in February 2018. It sells Indian wedding and occasion wear, encompassing womenswear, menswear, jewellery, accessories, and kidswear. The platform operates an omnichannel model combining perniaspopupshop.com and mobile apps with 14 physical experience centres, including 12 in Indian cities such as Mumbai, Delhi, Bengaluru, Hyderabad, and Chennai, alongside flagship international locations in London and New York. As of March 31, 2026, it sourced luxury merchandise from 1,109 active designer brands, including Amit Aggarwal, Seema Gujral, Anushree Reddy, and Rohit Gandhi & Rahul Khanna.

What happens next

Purple Style Labs plans to allocate ₹371.13 crore toward lease liabilities for experience centres and offices via subsidiary PSL Retail, and ₹138.90 crore toward sales and marketing between FY27 and FY30.

The deal

Type: IPO

Investors

ICICI Prudential Mutual Fund (participated) — Domestic mutual fund that invested nearly ₹88 crore as the largest anchor investor.
Jupiter India Fund (participated) — Global investment fund that acquired roughly ₹75 crore worth of anchor shares.
Aditya Birla Sun Life Insurance Company (participated) — Institutional life insurance provider that took nearly ₹68 crore in the anchor book.

Founders

Abhishek Agarwal, Founder, Whole-Time Director & CEO

About Purple Style Labs

Product: Curated marketplace and retail platform for luxury and designer fashion brands with omnichannel presence
Customers: Affluent consumers seeking premium and designer fashion through online and physical retail channels
How it makes money: Omnichannel marketplace combining D2C e-commerce, physical retail stores, and brand partnerships
What sets it apart: Portfolio of exclusive Indian designer brands including Pernia's Pop-Up Shop, Wendell Rodricks, Hemant Trivedi

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