Further aiming to advance its technology, Mumbai-based personal styling startup Purple Style Labs has raised about Rs 3 Crore seed funding via LetsVenture with the round was led by Augment Ventures and Rahul Kayan.
Other investors who participated in this round include Nikhil Golcha (Member, Calcutta Angels Network); Operator Ventures; Rohit Parakh (Director at Touchstone Services P Ltd) and Roy Kwan (Director – Sales, Deutsche Bank – Hong Kong).
Purple Style Labs aims to provide individual designers the professional support regarding technology, marketing, strategy, and operations to help them focus on products and consumers.
The company was founded in August 2015 by Abhishek Agarwal, an IIT-Bombay graduate, and ex-banker with Deutsche. He intends to use the seed funding to beef up his team of designers and stylists.
Shanti Mohan CEO and co-founder of LetsVenture said, “I was impressed with Abhishek’s thought process and vision. Purple Style Labs is providing a tech-enabled platform to budding fashion brands and designers and solving real pain points for them while giving consumers a wide range of wardrobe options to choose from.”
The company has integrated over 30 designers and stylists under their umbrella across eight cities in India and has achieved 300% annual growth for the designers.
This is the first round of funding raised by PSL. It aims to manage multiple designer brands in the premium, luxury, and affordable retail segments. It combines designing and styling on a single platform to provide a unique experience to the end-consumer.
