New Delhi, Aug. 27 -- Several venture capital and private equity funds, family offices and celebrities such as Shah Rukh Khan and Madhuri Dixit-Nene are sitting on paper gains on their investments as the parent company of luxury ethnic-wear platform Pernia's Pop-Up Shop floats its initial public offering.

Purple Style Labs Ltd, which owns the luxury fashion house, aims to raise Rs 680 crore ($71.2 million) through a fresh issue of shares in the IPO that will value it around Rs 4,603.5 crore at the upper end of the price band of Rs 546-575 per share. No existing investor is selling any shares in the IPO, which opens next week.

The company's long list of backers includes alternative investment funds such as Volrado Venture Partners Fund II, Singularity Growth Opportunities Fund I, NB Ventures, ValueQuest SCALE Fund; actor Madhuri Dixit-Nene; cricketer Sachin Tendulkar; ace stock market investor Mukul Agrawal; Alpha Wave Global's Navroz Udwadia; and the family offices of Shah Rukh Khan, Pidilite, KP Sanghvi and several others.

Volrado is a VC-style fund managed by Enam Holdings' Akash Bhanshali while the Singularity fund is managed by Singularity AMC, which is led by Yash Kela and backed by well-known stock market investor Madhusudan Kela. NB Ventures is a Dubai-based VC-style firm led by Neeleshwar Bhatnagar, who also owns a stake in Purple Style Labs in his individual capacity. The SCALE Fund is ValueQuest Group's first private equity vehicle.

Purple Style Labs acquired Pernia's Pop-Up Shop in 2018 and has since scaled it extensively across various verticals, large retail experience store formats, and locations. Pernia's 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. The firm's active designer brands in 2026 stood at 1,109. In 2020, it acquired the eponymous label of designer Wendell Rodricks, who passed away that year.

Pernia's operates in key cities, including Mumbai, Delhi, Bengaluru, Hyderabad, Kolkata, Ahmedabad, Chennai, Surat, Indore, and also has a store in Mayfair, London. Its revenue in 2025-26 rose 13% to Rs 557.8 crore but net loss widened by 41% to Rs 285.4 crore.

Madhuri trumps Shah Rukh

Purple Style founder Abhishek Agarwal is the biggest shareholder with a 26.09% stake in the company. Volrado is the second-largest shareholder with a 2.79% stake. Singularity Growth Opportunities Fund I owns a 1.86% stake while NB Ventures owns 1.57%. Other investors own smaller stakes.

Overall, the company has raised a total of Rs 402 crore across eight fundraising rounds from investors. Of this, 91% has come since 2019 as part of the company's Series A to Series E funding rounds, VCCircle has gathered.

Investors in the Series A round include Bhatnagar and NB Ventures, and real estate PE firm Xander's founder Siddhartha Yog. Series B investors include Madhuri Dixit-Nene and Volrado. The Singularity and ValueQuest funds joined the cap table in the Series C round. The family offices of Fevicol adhesive maker Pidilite and KP Shangvi, which operates in the diamond and jewellery segments, invested in the Series D round along with others including Volrado and Singularity. Shah Rukh Khan, Tendulkar and some others invested in the Series E round.

At the upper end of the IPO price range, Bhatnagar and NB Ventures' combined 3% stake is valued at Rs 126.5 crore, implying a multiple on invested capital of about 10x and an unrealised internal rate of return (IRR) of almost 38% in rupee terms, VCCircle estimates show. This beats the minimum 20% IRR that PE-VC investors typically target at the fund level in local currency in India.

Volrado's stake in Purple Style Labs is worth Rs 117 crore. That's 3.7x the firm's principal investment and reflects an unrealised IRR of 33% in rupee terms, the estimates show.

Dixit-Nene invested about Rs 77.5 lakh in the company during the Series B round. Her shares are now worth Rs 2.87 crore, implying a 3.7x multiple and an IRR of 33%.

Series C investors are sitting on notional IRR of around 17-19% while Series D investors are looking at annualised returns of around 9%, per VCCircle estimates.

Khan, Tendulkar and other Series E investors are sitting on even more modest gains. Khan had invested Rs 3 crore in November 2024 in the Series E round. His stake is now worth Rs 3.45 crore, implying annualised returns of only 8% in rupee terms. Tendulkar, who invested in December 2024, is looking at a similar outcome.

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