The joint venture has raised about ₹20.5 crores ($3 million) from a bunch of high net-worth investors including Flipkart‘s Binny Bansal, PayU India’s Jitendra Gupta, along with early-stage venture capital fund Astarc Ventures. Existing investors that participated in the round includes Calcutta Angels and Operator VC.
The funds raised will be used to build an omnichannel sales network for Pernia’s Pop-Up Shop, along with expanding the presence of the brand in the domestic and global markets.
Mumbai-based Pernia’s Pop-Up Shop was founded by Pernia Qureshi in 2012. It provides a platform for Indian and ethnic wear designers to enable sales and it has established a global market, shipping across the globe.
“Pernia’s Pop-Up Shop has been a labour of love where we celebrate Indian design. We have always prided ourselves in not only selling the best names in the industry but also nurturing and discovering new talent. I am so pleased to be reaching out to an even larger audience and spreading our love for Indian fashion far and wide, in both domestic and international markets,” said Pernia Qureshi.
Purple Style Labs provides a platform for young designers to cultivate their fashion in order to build a one-stop fashion solution for customers. It was founded by Abhishek Agarwal, an IIT-Bombay graduate and an ex-banker, in 2015.
Purple Style Labs had secured ₹3 crores from Calcutta Angels Network, LetsVenture, among others, earlier in 2016.
The joint venture has already launched offline stores with the name of Pernia’s Pop-Up Studio in Mumbai and Delhi. The companies have also planned to open 10 multi-designer stores in major cities this year including Mumbai, Delhi, and 3 other international locations. This partnership will help both the companies leverage each other’s networks and customer base to speed up their goals for becoming a globally renowned fashion house based out of India.