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Infra.Market and Purple Style Labs secure SEBI nod for IPO

EntrackrEntrackr · 6d ago
Infra.Market and Purple Style Labs secure SEBI nod for IPO
Medial

Infra.Market and Purple Style Labs secure SEBI nod for IPO Building materials unicorn Infra.Market and Purple Style Labs (PSL) have received approval from the Securities and Exchange Board of India (SEBI) to launch their IPOs, as per observations issued by the market regulator. The approvals came nearly three months after Infra.Market filed a confidential Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise Rs 5,000 crore through an initial public offering (IPO). The proposed issue is expected to include a near-equal mix of fresh equity shares and an offer for sale (OFS) by existing investors. The company last raised $83 million in a Series G round led by Silverline Homes, with participation from Tiger Global, Accel, Nexus Ventures, NK Squared, and Evolvence India, in September 2025. On the financial front, Infra.Market’s gross revenue rose 27% to Rs 18,472 crore ($2.1 billion) in FY25, while its profit fell nearly 42% to Rs 220 crore during the year. Meanwhile, in September 2025, Purple Style Labs (PSL), the parent of luxury fashion platform Pernia’s Pop-Up Shop (PPUS), filed draft papers with SEBI to raise Rs 660 crore through an IPO. As per the DRHP, the issue will be entirely a fresh issue of equity shares. PSL plans to use the IPO proceeds to invest in its wholly owned subsidiary PSL Retail for lease obligations tied to experience centres and back-end offices, with a portion also allocated to sales and marketing and other general corporate purposes. PSL reported a modest decline in operating revenue to Rs 490 crore in FY25, from Rs 504 crore in FY24. However, its losses widened nearly 4X to Rs 188.5 crore during the same period, largely on account of ESOP expenses of Rs 122.7 crore. In the last two months, SEBI has approved IPO proposals from multiple new-age firms such as digital payments major PhonePe, digital lender Kissht, insurtech player Turtlemint, logistics solutions company LEAP India, and Molbio Diagnostics.

Related News

Purple Style Labs posts Rs 372 Cr revenue in FY23, cuts losses

EntrackrEntrackr · 2y ago
Purple Style Labs posts Rs 372 Cr revenue in FY23, cuts losses
Medial

Purple Style Labs, an omnichannel luxury fashion platform, experienced rapid growth with a revenue increase of over eight-fold in the last two fiscal years. Its revenue from operations reached Rs 372 crore in FY23, compared to Rs 44 crore in FY21. The Mumbai-based company also managed to narrow down its losses significantly in the fiscal year ending March 2023. Purple Style Labs primarily generates revenue from the sale of designer fashion and lifestyle products, with a significant contribution from its UK-based subsidiary. The company's expenses include material procurement, advertising and marketing, employee benefits, and other overheads. Despite the growth, Purple Style Labs still posted losses in FY23.

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

EntrackrEntrackr · 10m ago
Exclusive: Salman Khan and Sachin Tendulkar join Purple Style Labs new round
Medial

Purple Style Labs (PSL), the parent company of Pernia’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 Entrackr’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 Pernia’s Pop-Up Shop and The Stylist. Since acquiring Pernia’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 · 4m ago
Exclusive: Purple Style Labs to raise Rs 750 Cr via fresh issue in IPO
Medial

Purple Style Labs (PSL), the parent company of Pernia’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 Pernia’s Pop-Up Shop and The Stylist. Since acquiring Pernia’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 Labs’ 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.

Wakefit secures SEBI nod for IPO

EntrackrEntrackr · 3m ago
Wakefit secures SEBI nod for IPO
Medial

Wakefit secures SEBI nod for IPO Home and sleep solutions startup Wakefit Innovations has received regulatory approval from SEBI to proceed with its initial public offering (IPO). The IPO comprises a fresh equity issue of Rs 468.2 crore and an offer for sale (OFS) of 5.84 crore shares by promoters and existing investors. Promoters Ankit Garg and Chaitanya Ramalingegowda, along with investors such as Peak XV, Verlinvest, Investcorp, Redwood Trust, SAI Global, and Paramark, are expected to offload part of their holdings. Ahead of the IPO, the co-founders were allotted around 2.6 million shares through a rights issue. Elevation Capital also acquired about 2.03 lakh shares from employees at Rs 1,600 per share but is not participating in the OFS. Wakefit plans to list on NSE and BSE, with Axis Capital, IIFL Capital, and Nomura as lead managers. The company will use the fresh issue proceeds to open new stores, purchase equipment, fund marketing, leases, and meet general corporate requirements. Founded in 2016, Wakefit operates as a direct-to-consumer (D2C) brand focused on sleep and home solutions. Its product portfolio spans mattresses, pillows, furniture, and other home improvement goods, sold through its website, offline stores, and third-party marketplaces. In the first nine months of FY25, Wakefit reported Rs 971 crore in revenue and a net loss of about Rs 9 crore. SEBI has also approved Lenskart’s IPO alongside Wakefit. The two join a growing list of companies that recently received the regulator’s nod to go public, including boAt, Capillary Technologies, Groww, and Pine Labs.

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