Pernia’s Pop Up Shop Secures ₹162 Crore Debt Funding Before IPO

Luxury fashion group Purple Style Labs (PSL), the parent company of Pernia’s Pop Up Shop, has secured approximately ₹162.5 crore (about $17 million) in debt financing across multiple tranches in the first half of the year. This funding round follows the company’s receipt of approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO).

The capital was raised through the issuance of 64,588 non-convertible debentures (NCDs) at a face value of ₹25,000 each, spread across 14 tranches between January and June. Investors in this debt round included California-based Kairos Ventures, which invested ₹20 crore, Real Capital Financial Services with a ₹15 crore investment, and Mumbai-headquartered textile importer Texport International contributing ₹2 crore. The round also saw participation from various angel investors, family offices, and high-net-worth individuals.

PSL filed its draft red herring prospectus (DRHP) with SEBI in September last year, aiming to raise ₹660 crore through a fresh issue of shares. The market regulator issued its observation letter in January, signifying approval for the IPO. The company had also planned a pre-IPO placement of ₹130 crore, as per its DRHP.

Founded in 2015 by Abhishek Agarwal, Purple Style Labs is an omnichannel luxury fashion house. Its portfolio includes designer brands such as Pernia’s Pop Up Studio & Shop and Wendell Rodricks. The company has previously raised significant capital, with total funding reaching approximately $78.4 million from a mix of celebrity investors and institutional backers. PSL intends to use IPO proceeds for offline store expansion and back-end office development across India.