Purple Style Labs DRHP: A Look At Shareholding Pattern & Key Executives

Luxury fashion house Pernia’s Pop Up Shop’s parent Purple Style Labs (PSL) filed its DRHP with SEBI for an INR 660 Cr IPO earlier this week. As per the draft IPO papers, the public issue will consist solely of a fresh issue of shares.

Beyond these headline numbers, PSL’s 441-page DRHP gave a sneak peek into some interesting deals that were struck in the run up to filing the draft papers.

In August, founder Abhishek Agarwal sold shares worth INR 45 Cr to three investors. While Munjal Mavjibhai Lakhani lapped up shares worth INR 25 Cr, Kolkata-based retail and wholesale company Sudha Commercial Company Ltd and real estate firm Bodhivriksha Engineers LLP purchased shares worth INR 10 Cr each.

The DRHP also shed light on the company’s shareholding pattern and key executives. Unlike many new-age tech startups, PSL is not heavily backed by large institutional investors.

Agarwal, who is also a promoter, holds a commanding 27.10% stake in the startup. The largest institutional shareholder is Enam Holdings with just 2.9% shareholding, followed by Singularity AMC at 1.9%.

Founded in 2015 by IIT Bombay graduate Agarwal, Purple Style Labs is an omnichannel luxury fashion house of brands. The startup acquired brands such as Pernia’s Pop Up Studio in 2018 and Wendell Rodricks in 2020. It also counts fashion label “Hemant Trevedi” under its belt.

The startup sells collections from top designers like Seema Gujral, Anushree Reddy, Amit Aggarwal and Rahul Khanna at its stores, including wedding wear, occasion wear, menswear and accessories.

PSL has raised nearly $78 Mn in funding to date from investors such as Harish Shah Family Office and Masaba Gupta. It last raised $40 Mn in its Series E round in March this year to fuel international expansion and strengthen omnichannel capabilities.

On the financial front, PSL’s net loss zoomed over 295% to INR 188.6 Cr in FY25 from INR 47.7 Cr in the previous fiscal year. The rise in loss was due to an exceptional expense of INR 122.8 Cr on account of ESOP expenses. Revenue from operations declined 3% to INR 489.9 Cr from INR 504.3 Cr in FY24.

PSL operates in the broader Indian luxury apparel market, which was valued at around$7.5 Bn in 2024 and projected to become a $10.7 Bn opportunity by 2033. The industry has been growing multifold on the back of factors like rising disposable incomes, growing brand consciousness, expansion of global luxury brands into the country and strong demand for premium ethnic wear.

Now, let’s take a look at the leadership team of the startup.

The Who’s Who Of Purple Style Labs

Board Of Directors

Hrishikesh Bhalchandra Parandekar

Hrishikesh Bhalchandra Parandekar is PSL’s chairperson and independent director. Currently employed as a senior partner at Alpha Alternatives, Parandekar, previously, also served as a senior advisor at McKinsey & Co for two years.

He joined PSL’s board in November last year for a term of five years. He received a remuneration of INR 4.6 Lakh from the startup in FY25.

Abhishek Agarwal

Agarwal founded Purple Style Labs in 2015 and is its CEO and whole-time director. Currently, he also serves as a director at PSL Retail Private Limited, Purple Style Labs UK Limited and is the sole director, president, treasurer and secretary at Purple Style Labs USA Inc.

He received a remuneration of INR 59.8 Lakh in FY25.

Abhinav Agarwal

Abhinav Agarwal joined PSL in October 2016, and has since been serving as the chief business officer and whole-time director of the startup.

Previously, he cofounded DudeGenie, a chat-based personal assistant mobile app, which was acquired by Yatra. Following the buyout, he worked with Yatra for almost three years.

He received an aggregate compensation of INR 71.8 Lakh from PSL in FY25.

Rahul Garg

Rahul Garg initially joined the startup as an advisor, and was then onboarded as a board member in April 2023. He was appointed as the non-executive director of the startup in April last year.

Currently, he has been serving as a partner of Premji Invest for more than 12 years. Garg is also an active board member of D2C brands such as Two Brothers Organic Farms, Urban Essentials India and Food Square India.

He received a remuneration of INR 12 Lakh from PSL in FY25.

Harminder Sahni

Harminder Sahni founded Wazir Advisors in September 2009 and is the firm’s MD. He was roped in as a non-executive director of PSL in October 2023. He was paid a remuneration of INR 12 Lakh by PSL in FY25.

Shefali Sarohi Shyam

Shefali Sarohi Shyam has been an independent director of PSL since November 2024. She has nearly 27 years of experience in the field of legal consultancy. Currently, Shyam is associated with IndusLaw and Arvind Fashions. She received an aggregate compensation of INR 4.6 Lakh from PSL in FY25.

Key Managerial Personnel

Umesh Pawan Choudhary

Umesh Pawan Choudhary is the chief financial officer of the company. He joined PSL in 2019 and rose through the ranks to become the CFO in April this year. He is responsible for overseeing the financial strategy, reporting and operations of the company.

Choudhary previously worked with Toppr Technologies for over a year. He received an aggregate compensation of INR 36.8 Lakh from PSL in FY25.

Gulshan Mumtaz Khan

Gulshan Mumtaz Khan is the company secretary and compliance officer of PSL. She has been associated with the company since November 2023.

Prior to PSL, she served as the manager of Zepto’s legal and secretarial team for almost two years. Khan received an aggregate remuneration of INR 11.8 Lakh in FY25.

Niket Agarwal

Niket Agarwal joined as the chief operating officer of PSL in March 2019. He oversees the operations and technology functions of the startup.

Agarwal has 13 years of experience under his belt in the tech sector and previously worked with companies such as MSCI Services, Trafigura Global Services and Virtusa Software Services.

He received a remuneration of INR 71.8 Lakh in FY25.

Nivesh Pandey

Nivesh Pandey has been the chief strategy officer of PSL since December 2017. An alumnus of IIT Kharagpur, he has more than a decade’s experience in the financial services sector. Prior to joining PSL, Pandey worked with Deutsche Bank for three years. He received an aggregate compensation of INR 71.8 Lakh in FY25.

Amit Chahalia

Amit Chahalia is the chief design officer of the company. He has been working with PSL since July 2018, and has more than 10 years of experience in product designing.

Chahalia previously worked with Indus OS, and Taskbob. He received a remuneration of INR 71.8 Lakh from PSL in FY25.

Robin Rapheal Dsouza

Robin Rapheal Dsouza is the vice president of sales and operations at PSL. He joined the company as assistant vice president of store operations in July 2019, and eventually took over his current role in 2022.

Prior to PSL, he worked with brands such as Aza Fashions and Future Retail. He received a remuneration of INR 31.8 Lakh in FY25.

Roopali Adlakha

Roopali Adlakha is the general counsel and vice president of strategy at PSL. She oversees the legal function and strategic initiatives at PSL and has been with the company for nearly five years now.

Adlakha also serves as a director at PSL Retail Private Limited. She received a remuneration of INR 57.6 Lakh from PSL in FY25.

Atiya Danny Mirwani

Atiya Danny Mirwani is the creative head of PSL and has been associated with the startup since April 2019.

Mirwani has more than two decades of experience in fashion designing, and previously worked with Sheetal Clothing Company, Burlingtons Group of Companies, Arth by Pooja Dhoot and Pinakin Studio LLP.

She received an aggregate compensation of INR 42 Lakh in FY25.

Abhishek Kothari

Abhishek Kothari is PSL’s vice president of product and order fulfilment. He initially joined the company as the assistant vice president of products in December 2017 and was appointed to the current role in June 2021.

Prior to this, Kothari worked with Yatra, DudeGenie and Tata Consultancy Services. In FY25, he received a remuneration of INR 32.8 Lakh.

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