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Exclusive: Salman Khan and Sachin Tendulkar join Purple Style Labs new round

EntrackrEntrackr ยท 6m ago
Exclusive: Salman Khan and Sachin Tendulkar join Purple Style Labs new round
Medial

Purple Style Labs (PSL), the parent company of Perniaโ€™s Pop-Up Shop (PPUS), is raising Rs 102 crore (approximately $12 million) in a new funding round from more than eighty investors. The board at Purple Style Labs has passed a special resolution to issue 2,040 preference shares at an issue price of Rs 5,00,000 each in the last 3 months to raise Rs 102 crore or $12 million, its regulatory filing sourced from the Registrar of Companies (RoC) shows. Minerva Ventures Fund, Cordelia Family Trust, S Four Capital, and Sopariwala Exports will invest Rs 10 crore, Rs 5 crore, Rs 6 crore, and Rs 5 crore, respectively. The remaining amount will be contributed by individual investors, including Sachin Tendulkar, Salman Khan, Surya Kumar Yadav, Shraddha Kapoor, Sailesh Gupta, Pravesh Dhandhania, Fahim Sultan Ali, and 73 other individual investors. The company will use these proceeds for general corporate purposes and to meet working capital requirements. As per Entrackrโ€™s estimates, the company will be valued at around $400 million post-allotment. Founded in 2015 by Abhishek Agarwal, Purple Style Labs is a luxury fashion platform housing Perniaโ€™s Pop-Up Shop and The Stylist. Since acquiring Perniaโ€™s Pop-Up Shop in 2018, it has expanded to 15 experience centers across major Indian cities and London. Purple Style Labs recorded a 36% year-on-year growth, with its revenue rising to Rs 508 crore during the last fiscal year from Rs 372 crore in FY23. However, this expansion came at a cost, as its losses increased by 20%, reaching Rs 45.6 crore in the past fiscal year. Purple Style Labs is gearing up for an initial public offering (IPO) in 2026 and has set a target of $200 million in gross sales for the upcoming year.

Exclusive: Purple Style Labs to raise Rs 750 Cr via fresh issue in IPO

EntrackrEntrackr ยท 7d ago
Exclusive: Purple Style Labs to raise Rs 750 Cr via fresh issue in IPO
Medial

Purple Style Labs (PSL), the parent company of Perniaโ€™s Pop-Up Shop (PPUS), is set to raise Rs 750 crore ($85 million) through a fresh issue of shares as part of its upcoming initial public offering (IPO). According to regulatory filings accessed by Entrackr, the company's board approved a special resolution to issue up to Rs 750 crore in fresh equity, with no mention of an offer for sale (OFS). The filings indicate a potential pre-IPO placement of up to Rs 140 crore. If completed, the size of the main offer will be reduced by the number of equity shares issued in the placement. As per media reports, the company is expected to go public in 2026. In March, Purple Style Labs (PSL) raised around $40 million in its Series E round led by SageOne Flagship Growth OE Fund, Alchemy Long Term Ventures Fund. The round also saw the participation of several celebrities and sports personalities including Salman Khan and Sachin Tendulkar. Founded in 2015 by Abhishek Agarwal, Purple Style Labs is a luxury fashion platform featuring Perniaโ€™s Pop-Up Shop and The Stylist. Since acquiring Perniaโ€™s in 2018, it has expanded to over 15 experience centers across major Indian cities and London. According to startup data intelligence platform TheKredible, the Mumbai-based firm has raised over $87 million to date from investors including Binny Bansal, Volrado Venture Partners and others. Purple Style Labsโ€™ revenue from operations grew 36% year-on-year to Rs 508 crore in FY24 from Rs 372 crore in FY23, while losses rose 20% to Rs 45.6 crore. The company has yet to file its FY25 financials.

Paras Chopraโ€™s Nintee shuts down, to return investorsโ€™ money

EntrackrEntrackr ยท 1y ago
Paras Chopraโ€™s Nintee shuts down, to return investorsโ€™ money
Medial

Nintee, a digital health startup launched by Wingify founder Paras Chopra, has announced shutting down its operations after a year of launch. In a blog post, Chopra said that the majority of funding raised by the company is still remaining and will be returned to investors over the next few weeks. Nintee was backed by the likes of Peak XV Partners, Kunal Shah, and others. โ€œOur original hypothesis was to use AI for helping people build better habits to transform their lives. This attracted a passionate niche, but we couldnโ€™t build conviction that it could be a VC-scale business,โ€ said Chopra. After abandoning the initial idea, the firm tried another pivot to explore education and learning related ideas, but Nintee team quickly discovered that building a successful consumer app today is very hard. Nintee has provided four months of severance to the impacted employees and also offered them to join Chopraโ€™s other company VWO at the same salary. Nintee was the third company founded by Chopra after VWO and Wingify. His bootstrapped company Wingify reported back-to-back profits in the past fiscal years. Its revenue from operations increased 16.8% to Rs 223 crore in FY23 with Rs 51 crore profit after tax. Around half a dozen startups operating in India have announced shutting down their operations in the ongoing calendar year so far. The list counts Resso (India), Rario, OKX (India), Muvin and GoldPe. In 2023, more than 15 startups ceased their operations over funding and other challenges.

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