Purple Style Labs (PSL), the company that owns Pernia’s Pop-Up Shop (PPUS), is planning to go public, which is big news for the Indian D2C scene.
The company has given the green light to raise ₹750 crore ($85 million) by issuing stock as part of its IPO. This could be one of the biggest listings in the D2C fashion and lifestyle area.
Based on official papers, the IPO will only involve issuing new shares. This means PSL wants to raise money to grow, not to allow early investors to cash out. The documents also mention a possible pre-IPO placement of up to ₹140 crore, which would lower the final amount of shares offered. Word is the IPO is planned for 2026, making it a key event to watch in the D2C IPO world.
This listing follows a history of successful funding rounds. In March 2024, PSL raised $40 million in a Series E round led by SageOne Flagship Growth OE Fund and Alchemy Long Term Ventures Fund. Celebrities like Salman Khan and Sachin Tendulkar also chipped in, putting the company in the spotlight as a D2C startup backed by famous names that grabs the attention of both investors and customers. PSL has received over $87 million in total funding from investors like Binny Bansal and Volrado Venture Partners, making it one of the top-funded D2C brands in India.
Founded in 2015 by Abhishek Agarwal, PSL was one of the first to create a luxury direct-to-consumer fashion platform in India. Buying Pernia’s Pop-Up Shop in 2018 was a turning point, helping PSL expand quickly by combining online and in-person retail. Now, the company runs more than 15 stores in major Indian cities and London, showing a solid omnichannel D2C approach that balances online sales with high-end offline experiences.
In terms of money, PSL has seen constant growth in D2C revenue. In FY24, its revenue rose 36% to ₹508 crore, from ₹372 crore in FY23. Losses increased by 20% to ₹45.6 crore, which is normal for fast-growing D2C brands that are investing in growth, marketing and operations to gain market share in the long run. The company hasn’t released its FY25 results yet but it’s still one of the most watched companies in the D2C industry.
As the direct-to-consumer fashion and lifestyle market in India gets more competitive, PSL’s progress shows that investors are interested in premium D2C brands with business models that can grow. The upcoming IPO will not only improve its finances but could also set an example for other D2C brands in India that are thinking about going public. For customers, creators, and investors who follow D2C news daily, Purple Style Labs proves how D2C startup news in India is changing from early-stage funding to major public market moves.
If the IPO works out, PSL could become a standard for premium D2C brands in India, proving that the D2C business model in India is not just about starting online, but about creating lasting, omnichannel fashion platforms with global appeal.
