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Purple Style Labs (PSL), the parent of luxury house of brands Pernia’s Pop Up Shop, has raised around ₹162.5 Cr (about $17 Mn) across multiple tranches this year after receiving SEBI’s approval to proceed with its IPO.

As per MCA filings accessed by Inc42, the company raised the capital across 14 tranches between January and June by issuing a combined 64,588 NCDs at a face value of ₹25,000 apiece.

The debt was raised from institutional investors, including California-based Kairos Ventures, which invested ₹20 Cr over February and April, while Real Capital Financial Services pumped ₹15 Cr in January. Meanwhile, Mumbai-headquarter textile importer Texport International invested ₹2 Cr across two tranches.

The debt funding also saw participation from a number of angel investors, family offices and high-net-worth individuals, including Rupendra Periwal, Satyen Jitendra Mamtora, Andy Iyer Sankaranarayanan, among others.

Questions sent to Pernia’s parent PSL didn’t elicit any response till the time of publication.

The sprint of debt raise came after the company received the market regulator’s go ahead to proceed with its IPO plans. PSL filed its DRHP with SEBI in September last year to raise ₹660 Cr through a fresh issue of shares. SEBI issued its observation letter to the company in January this year. The company also planned to raise ₹130 Cr through a pre-IPO placement, as per its DRHP.

It will deploy the capital from the IPO proceeds to fuel its offline store expansion. The largest chunk— ₹363.3 Cr — of the fresh capital has been earmarked to go towards lease liabilities for new and existing experience centres as well as expanding its back-end offices across India. Further, the Pernia’s parent plans to utilise ₹128 Cr for sales and marketing initiatives.

Founded in 2015 by Abhishek Agarwal, Purple Style Labs is an omnichannel luxury fashion house that counts Indian designer brands like Pernia’s Pop Up Studio & Shop, Wendell Rodricks, Hemant Trevedi in its portfolio.

It houses offerings from top designers like Seema Gujral, Anushree Reddy, Amit Aggarwal, Rohit Gandhi, and Rahul Khanna, spanning wedding, occasion wear, menswear, and accessory categories.

The company has raised approximately $78.4 Mn till date. Its backers include the likes of Bollywood celebrities Shah Rukh Khan and Salman Khan, designer Masaba Gupta, and cricketers Sachin Tendulkar and Suryakumar Yadav. Institutional investors in Pernia’s include Alchemy Ventures, S Four Capital, Bajaj Holdings and Investment, Minerva Ventures, SageOne, among others.

As per the DRHP filed last year, PSL’s FY25 loss skyrocketed 295% to ₹189 Cr from ₹47.7 Cr incurred in the previous fiscal year. The dramatic jump in its net loss was due to an exceptional item related to ESOPs granted to its employees during the year. Loss before tax rose 40% YoY to ₹65.8 Cr.

The post Exclusive: Pernia’s Pop Up Shop Raises ₹162 Cr Debt Following SEBI IPO Nod appeared first on Inc42 Media.