Purple Style Labs has raised funding of INR 3 Cr from Calcutta Angels, Lets Venture, IIT Bombay alumnus and a clutch of bankers.
Purple Style Labs Pvt Ltd (PSL), founded in Aug 2015 by Abhishek Agarwal, an IIT-Bombay graduate and ex-banker with Deutsche. It aspires to be the biggest fashion house of India managing multiple designer brands in the premium, luxury as well as affordable retail segment.
PSL seamlessly combines designing and styling on a single platform to provide unique experience to end consumers via its offline/online platform called ‘The Stylist’. Contrary to the conventional marketplace model, PSL positions itself as a federation model where all the designer brands and stylists associated with PSL are centrally managed but at the same time retaining their autonomy.
Talking about Purple Style Labs, and the funding round Abhishek Agarwal CEO & Founder said, "We believe that an idea can scale in the Indian ecosystem without losing the path to profitability, only when it gets the right guidance from people who have historically created businesses in India. And we have been successful in bringing the right set of investors to guide us for the journey.”
Shivam Shah, Partner, Augment Ventures says “Purple Style Labs, has a unique approach, to disrupt the multi-billion dollar fashion Industry by building a digitally enabled, federation of designers. A solid technology platform, coupled with an entrepreneur who has clarity of vision, I am confident in Purple Style Labs ability to execute.”
The company has also recently on boarded senior executives, Nabeela Moinuddin (Ex- Deloitte, Vistaprint) and Nishank Gupta (Ex- Housing, Urban Clap).
This fund will be used to further develop the technology both on enterprise and end consumer side and increase the number of designers and stylists associated with the company.