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

EntrackrEntrackr · 1y 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 · 6m 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 · 16d 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.

Purple Style Labs’ revenue remains flat in FY25; losses up 36%

EntrackrEntrackr · 12h ago
Purple Style Labs’ revenue remains flat in FY25; losses up 36%
Medial

Purple Style Labs’ revenue remains flat in FY25; losses up 36% Purple Style Labs (PSL), the parent company of luxury fashion platform Pernia’s Pop-Up Shop, has filed DRHP with SEBI to raise Rs 660 crore through IPO. Its financial statement shows the company’s losses widened sharply, largely driven by Rs 123 crore of ESOP-related expenses. Purple Style Labs’ operating revenue contracted 2.8% to Rs 490 crore in FY25 from Rs 504 crore in FY24, according to its restated consolidated financial statement included in the draft red herring prospectus (DRHP). The company generates revenue from the sale of products through its omni-channel PPUS platform, as well as from logistics, styling, and other ancillary services. Revenue from sale of goods decreased modestly to Rs 483 crore in FY25. This decline was a strategic decision to reduce lower-value products, which successfully led to a 42% increase in the average order value (AOV) to Rs 56,106. Meanwhile, revenue from services dropped 58% to Rs 65 crore in FY25, as the company pulled back on consulting, styling, IT, and other support services. PPUS’ gross merchandise value (GMV) grew 26% to Rs 588.3 crore in FY25 against Rs 466 crore in FY24. Geographically, India remained PPUS’ largest market with GMV of Rs 421 crore, followed by the US at Rs 97 crore, the UK at Rs 37 crore, and the rest of the world at Rs 33 crore. While India and the UK grew modestly, GMV from the US and other markets contracted. On the cost side, cost of materials remained the largest expense, accounting for nearly 51% of the total expense. To the tune of scale, this expense decreased by 4.5% to Rs 284 crore in FY25 from Rs 297.5 crore in FY24, while employee benefit costs increased 12% to Rs 66 crore. Finance costs surged 29% to Rs 53 crore and depreciation rose 43% to Rs 55 crore. Notably, sales and marketing spend fell 39% to Rs 33 crore in FY25. Overall, PSL reported total expenses of Rs 560 crore in FY25 versus Rs 558 crore in FY24. With the company’s revenue declining, its loss spiked 4X to Rs 188.5 crore in FY25 compared to Rs 48 crore in FY24. Notably, the company booked Rs 123 crore as an exceptional item towards employee stock option (ESOP) expenses. Excluding this, its FY25 loss would have been Rs 65.5 crore, a 36% year-on-year increase. Its ROCE and EBITDA Margin stood at -4.68% and 8.60% respectively. On a unit level, PSL spent Rs 1.14 to earn a rupee of revenue in FY25, compared to Rs 1.10 in FY24. The company recorded current assets worth Rs 256 crore in FY25, including Rs 10 crore in cash and bank balances and inventory worth Rs 160 crore. As per the DRHP, founder Abhishek Agarwal holds 27.1% in the company, while investors including Volrado Venture Partners (2.9%), Abhinav Agarwal (2.25%), and Singularity Growth Opportunities Fund (1.93%) own smaller stakes.

Pine Labs files DRHP; Peak XV emerges as lead seller in OFS

EntrackrEntrackr · 3m ago
Pine Labs files DRHP; Peak XV emerges as lead seller in OFS
Medial

Merchant payments and lending platform Pine Labs has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) on Thursday. The IPO includes a fresh issue of equity shares worth Rs 2,600 crore (approximately $305 million) and an offer for sale (OFS) of 14.78 crore equity shares, according to the DRHP. Peak XV is set to offload around 3.9 crore shares, accounting for approximately 26.3% of the total offer for sale (OFS). Acitis Pine Labs Investment and Temasek will sell 1.49 crore and 1.48 crore shares, respectively. Other participants in the OFS include PayPal, Mastercard Asia, Invesco, Madison India, Sofina, Lightspeed, BlackRock, and individuals such as Amrish Rau, Lokvir Kapoor, Kush Mehra, among others. According to the DRHP, Peak XV is the largest external shareholder with a 20.35% stake, followed by Temasek and PayPal holding 7.1% and 6%, respectively. Actis Pine Labs Investment owns 5.78%, while Mastercard and Alpha Wave hold 5.24% and 3.39%, respectively. Amrish Rau holds a 2.35% stake, followed by Lokvir Kapoor with 1.97%. Pine Labs plans to list its shares on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The IPO will be managed by Axis Capital, Morgan Stanley, CITI, JP Morgan, and Jefferies, who are acting as the book-running lead managers. According to the DRHP, the net proceeds from the fresh issue will be utilized for repayment of borrowing, investment in subsidiaries, technology, research, and other general corporate purposes. In the first nine months of FY25, the company posted a 23% year-on-year increase in revenue, growing to Rs 1,208 crore from Rs 982 crore. It also reported a net profit of Rs 26.1 crore during the period.

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