For business growth and expansion across all modes of retail channels, online luxury fashion store Pernia's Pop Up Shop has floated a joint venture with Purple Style Labs (PSL). The joint venture has also raised a funding of about Rs 20 crore ($3 million) from a clutch of high networth investors including Flipkart’s Binny Bansal, PayU India’s Jitendra Gupta and Astarc Ventures. Existing investors including Calcutta Angels, Operator VC also participated in the round.
The capital will be utilized in building an omni channel sales network for Pernia’s Pop Up Shop and to scale the Indian designer brands growth, both in the domestic and international markets.
Through this partnership, PSL aims at building a giant Luxury Fashion House based out of India, in the form of a strong multi-brand retailing platform, with international focus. The joint venture has already expanded into offline stores called 'Pernia's Pop-Up Studio' in Mumbai and Delhi. They have also planned 10 multi-designer stores in major cities this year including Mumbai, Delhi and 3 international locations.
Founded in 2015, Purple Style Labs had secured Rs 3 crore in 2016 from Calcutta Angels Network, LetsVenture, and others.
Binny Bansal’s personal investment comes a month after when he said the homegrown ecommerce giant Flipkart will no longer proactively look to invest in companies, unless it is it is strategic to the business.
He has backed around 20 companies so far including some notable startups under his portfolio like CureFit, Inshorts, Ather Energry, Yamlane, SigTuple, Unacademy, Roposo, and MadRatGames among others.