In order to raise Rs. 250 crore (US $ 29.64 million) for its pre-IPO placement, designer wear retailer Pernia’s Pop-Up Shop has enlisted the help of IIFL and Axis Capital.
The retailer’s parent firm, Purple Style Labs, which has investors including Madhuri Dixit-Nene, Binny Bansal, and Akash Bhanshali of Enam, was valued at about Rs. 3,000 crore (US $ 355.68 million) in its most recent investment round a year ago.
In the next 12 to 15 months, it hopes to hold an initial public offering (IPO), with the money raised going towards network expansion and debt retirement.
“Despite our existing strong presence, there is still unrealised potential, thus we intend to increase Pernia’s Pop-Up Studio retail footprint in Delhi and Mumbai. In order to make Purple Style Labs debt-free on a consolidated basis, the equity fundraise will be utilised in part to finance this expansion and the other portion to pay off current debt,” according to Purple Style Labs founder Abhishek Agarwal.
More than a dozen bridal and event wear brands, including Tarun Tahiliani, Falguni Shane Peacock, and Amit Aggarwal, are available for purchase at Pernia’s Pop-Up Shop. In 2023–2024, it generated Rs. 508 crore (US $ 60.22 million) in revenue, a 37 per cent increase from the previous year.
