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.
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.
Source: BW Disrupt