New Delhi, Sept. 24 -- Purple Style Labs, which is backed by investors including SageOne Investments, S 4 Four Capital and multiple family offices, has filed its preliminary papers for an initial public offering (IPO) with the market regulator Securities and Exchange Board of India.

The company, which owns and operates the luxury ethnic wear platform Pernia's Pop-Up Shop, is looking to raise Rs 660 crore ($74.4 million) through a fresh issue of shares in the IPO.

None of its existing investors, including promoters, plan to divest their stake. However, last month, promoters sold shares worth Rs 47 crore (around $5.3 million) to individuals and investors including Bodhivriksha Engineers and Sudha Commercial Company.

Axis Capital and IIFL Capital Services are the book-running lead managers for the issue.

Currently, founder Abhishek Agarwal is the largest stakeholder in the company, retaining nearly 27.1% stake. His sisters, Payal Kumari Agarwal and Priyanka Agarwal, also hold a small stake.

Enam Holdings, co-founded by veteran venture capitalist and investment banker Vallabh Bhanshali, holds nearly 2.9% stake. Singularity owns about 2% stake, while NB Ventures holds about 1.63%.

Purple Style Labs operates as a luxury fashion house. The company acquired Pernia's Pop-Up Shop in 2018 and has since scaled it extensively across various verticals, retail formats, and locations.

Pernia's Pop-Up Shop offers bridal and occasion-wear clothing from renowned designers such as Tarun Tahiliani, Amit Aggarwal, Falguni Shane Peacock, Gaurav Gupta, Seema Gujral, Abhinav Mishra, and Shyamal and Bhumika.

Pernia's Pop-Up Shop operates in key cities, including Mumbai, Delhi, Bengaluru, Hyderabad, Kolkata, Ahmedabad, Chennai, Surat, Indore, and also has a store in Mayfair, London.

In 2020, it also acquired the eponymous label of designer Wendell Rodricks, who passed away that year. Its investors include SageOne Investment Advisors, Alchemy Capital Management, Bajaj Holdings & Investment, Minerva Ventures Fund among others.

Earlier in March, it raised $40 million (Rs 348.1 crore) in its Series E funding round in a mix of primary and secondary capital.

Meanwhile, its revenue in the last financial year fell by about 3% to Rs 490 crore. The company net losses also widened to Rs 189 crore in FY25 from Rs 48 crore in the previous year on account of exceptional items such as Employee share based payment expenses among other things.

Published by HT Digital Content Services with permission from VC Circle.