910
2 months ago
Infra.Market, Purple Style Labs Get SEBI Nod For IPO
Summary
D2CX by Inc42 is a 12-week hands-on program to help you level up your D2C game. Learn from India's top 1% D2C founders and experts through actionable insights, proven strategies and tactics on how to 10X your D2C brand.
ManagementX by Inc42 – India’s first Startup Management Program is a 6-month hands-on program that will take you on an intense journey that shatters the outdated “employee mindset” and equips you with the “leader mindset”.
D2CX Foundations by Inc42 is a 6 week hands-on program to help you launch your D2C brand successfully and profitably. Learn from India’s top 1% of D2C founders & experts through actionable insights, proven strategies and tactics on how to launch a successful D2C Brand in 6 weeks.
Stay ahead with the latest news, funding, startup financials, & governments policies on the hottest tech industries in the Indian startup ecosystem.
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Stay ahead with the latest news, funding, startup financials, & governments policies on the hottest tech industries in the Indian startup ecosystem.
Get featured, partner or work with India's #1 startup media & intelligence platform and explore what else Inc42 has to offer.
D2CX by Inc42 is a 12-week hands-on program to help you level up your D2C game. Learn from India's top 1% D2C founders and experts through actionable insights, proven strategies and tactics on how to 10X your D2C brand.
ManagementX by Inc42 – India’s first Startup Management Program is a 6-month hands-on program that will take you on an intense journey that shatters the outdated “employee mindset” and equips you with the “leader mindset”.
D2CX Foundations by Inc42 is a 6 week hands-on program to help you launch your D2C brand successfully and profitably. Learn from India’s top 1% of D2C founders & experts through actionable insights, proven strategies and tactics on how to launch a successful D2C Brand in 6 weeks.
The market regulator issued the observations letters to both the companies today, as per the latest update on SEBI website
In SEBI’s parlance, issuance of an observation letter is the go-ahead for IPO
While Purple Style Labs filed its DRHP with SEBI for INR 660 Cr IPO in September, Infra.Market pre-filed its IPO papers in October
Building materials platform Infra.Market and luxury fashion house Pernia’s Pop Up Shop’s parent Purple Style Labs have received the nod from market regulator Securities and Exchange Board of India (SEBI) for their respective IPOs.
The market regulator issued the observations letters to both the companies today, as per the latest update on SEBI website. In SEBI’s parlance, issuance of an observation letter is the go-ahead for IPO.
While Purple Style Labs filed its DRHP with SEBI for INR 660 Cr IPO in September, Infra.Market pre-filed its IPO papers in October. The building materials platform’s public issue is expected to raise around INR 5,000 Cr, in an equal mix of fresh issue and offer for sale (OFS).
Founded in 2015 by Abhishek Agarwal, Purple Style Labs is an omnichannel luxury fashion house with a portfolio of Indian designer brands, including Pernia’s Pop Up Studio & Shop, Wendell Rodricks, and Hemant Trevedi.
In 2018, Purple Style Labs acquired Pernia’s Pop Up Shop. Since then, it has expanded this vertical and currently operates more than 14 Pernia’s Pop-Up Studio experience centres across India, along with one location in London.
In March 2025, the company raised $40 Mn in its Series E funding round to expand its footprint in key global fashion capitals like New York, Los Angeles, Dubai, Mumbai and Delhi, alongside deepening its presence in India with new stores in Tier II markets. It is backed by notable investors including Harish Shah Family Office, Masaba Gupta, among others.
It has raised $78.4 Mn worth funds across several rounds till date.
In the fiscal year FY25, Purple Style Labs net loss widened 2.95X YoY to INR 188.6 Cr. Meanwhile, its operating revenue declined 4% YoY to INR 490 Cr.
On the other hand, Infra.Market is a marketplace for construction materials and also manufactures construction materials under its private label brands. Incorporated in 2016, the company operates across B2B and retail channels, using technology to digitise and streamline the procurement process.
Its product portfolio spans ready-mix concrete, tiles, and paints, offered through brands such as RDC Concrete, Million Tiles, and Shalimar Paints.
Acquisition has been a big strategy for Infra.market to expand its product portfolio. In 2025, the company bought a majority stake in ceramic tiles manufacturer Metro Group in a share swap deal worth INR 200 Cr. Before that, Infra.Market also acquired a 57% stake in Emcer Tiles, snapped up RDC Concrete and Shalimar Paints as well.
Infra.Market has raised a total of $700 Mn from marquee investors like Tiger Global, Evolvence, Foundamental GmbH, Nikhil Kamath, Capri Global, Accel, Nexus, among others.
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ManagementX by Inc42 – India’s first Startup Management Program is a 6-month hands-on program that will take you on an intense journey that shatters the outdated “employee mindset” and equips you with the “leader mindset”.
D2CX Foundations by Inc42 is a 6 week hands-on program to help you launch your D2C brand successfully and profitably. Learn from India’s top 1% of D2C founders & experts through actionable insights, proven strategies and tactics on how to launch a successful D2C Brand in 6 weeks.
Stay ahead with the latest news, funding, startup financials, & governments policies on the hottest tech industries in the Indian startup ecosystem.
Get featured, partner or work with India's #1 startup media & intelligence platform and explore what else Inc42 has to offer.
Stay ahead with the latest news, funding, startup financials, & governments policies on the hottest tech industries in the Indian startup ecosystem.
Get featured, partner or work with India's #1 startup media & intelligence platform and explore what else Inc42 has to offer.
D2CX by Inc42 is a 12-week hands-on program to help you level up your D2C game. Learn from India's top 1% D2C founders and experts through actionable insights, proven strategies and tactics on how to 10X your D2C brand.
ManagementX by Inc42 – India’s first Startup Management Program is a 6-month hands-on program that will take you on an intense journey that shatters the outdated “employee mindset” and equips you with the “leader mindset”.
D2CX Foundations by Inc42 is a 6 week hands-on program to help you launch your D2C brand successfully and profitably. Learn from India’s top 1% of D2C founders & experts through actionable insights, proven strategies and tactics on how to launch a successful D2C Brand in 6 weeks.
The market regulator issued the observations letters to both the companies today, as per the latest update on SEBI website
In SEBI’s parlance, issuance of an observation letter is the go-ahead for IPO
While Purple Style Labs filed its DRHP with SEBI for INR 660 Cr IPO in September, Infra.Market pre-filed its IPO papers in October
Building materials platform Infra.Market and luxury fashion house Pernia’s Pop Up Shop’s parent Purple Style Labs have received the nod from market regulator Securities and Exchange Board of India (SEBI) for their respective IPOs.
The market regulator issued the observations letters to both the companies today, as per the latest update on SEBI website. In SEBI’s parlance, issuance of an observation letter is the go-ahead for IPO.
While Purple Style Labs filed its DRHP with SEBI for INR 660 Cr IPO in September, Infra.Market pre-filed its IPO papers in October. The building materials platform’s public issue is expected to raise around INR 5,000 Cr, in an equal mix of fresh issue and offer for sale (OFS).
Founded in 2015 by Abhishek Agarwal, Purple Style Labs is an omnichannel luxury fashion house with a portfolio of Indian designer brands, including Pernia’s Pop Up Studio & Shop, Wendell Rodricks, and Hemant Trevedi.
In 2018, Purple Style Labs acquired Pernia’s Pop Up Shop. Since then, it has expanded this vertical and currently operates more than 14 Pernia’s Pop-Up Studio experience centres across India, along with one location in London.
In March 2025, the company raised $40 Mn in its Series E funding round to expand its footprint in key global fashion capitals like New York, Los Angeles, Dubai, Mumbai and Delhi, alongside deepening its presence in India with new stores in Tier II markets. It is backed by notable investors including Harish Shah Family Office, Masaba Gupta, among others.
It has raised $78.4 Mn worth funds across several rounds till date.
In the fiscal year FY25, Purple Style Labs net loss widened 2.95X YoY to INR 188.6 Cr. Meanwhile, its operating revenue declined 4% YoY to INR 490 Cr.
On the other hand, Infra.Market is a marketplace for construction materials and also manufactures construction materials under its private label brands. Incorporated in 2016, the company operates across B2B and retail channels, using technology to digitise and streamline the procurement process.
Its product portfolio spans ready-mix concrete, tiles, and paints, offered through brands such as RDC Concrete, Million Tiles, and Shalimar Paints.
Acquisition has been a big strategy for Infra.market to expand its product portfolio. In 2025, the company bought a majority stake in ceramic tiles manufacturer Metro Group in a share swap deal worth INR 200 Cr. Before that, Infra.Market also acquired a 57% stake in Emcer Tiles, snapped up RDC Concrete and Shalimar Paints as well.
Infra.Market has raised a total of $700 Mn from marquee investors like Tiger Global, Evolvence, Foundamental GmbH, Nikhil Kamath, Capri Global, Accel, Nexus, among others.
Unlock special offers and join 10,000+ founders, investors & operators staying ahead in India’s startup economy.
Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the
hottest startup deals, supercharge your innovation projects, and stay updated with expert
curation.
Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn
to validate ideas, acquire customers, secure funding, and navigate the journey to startup
success.
Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence,
understand market landscapes, and decode emerging trends to make informed decisions.
Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful
investors, and keep track of upcoming funds, accelerators, and more.
Join a community of 10,000+ leaders & operators – unlock unlimited access to Inc42 stories,
videos, deals, member-only perks, and more.
Unlock unlimited access to 500+ monthly new stories and Inc42’s complete archive of
40,000+ stories.
Unlock unlimited access to 500+ monthly new stories and Inc42’s complete archive of
40,000+ stories.
Over $250,000 worth deals on software & tools to help your business scale up.
Network with industry leaders & operators with exclusive invites to Inc42’s
member-only virtual events
Enjoy an ad-free and clutter-free
experience as a member, focus on
what really matters to you
Your contribution will go on to
support and empower our unbiased
& data-driven journalism
Join 1000's of entrepreneurs, business leaders & makers and stay ahead with our sharp,
incisive & data-driven analysis on India’s tech and startup economy!
Unlock personalised stories, ad-lite reading, and exclusive newsletters on Inc42.
Tired Of Playing Catchup On Indian Tech?
Stay Ahead. Every Morning at 8
Get The Week’s Most Consequential Developments.
Inc42 In-Depth is your daily 9 PM newsletter with sharp insights from India’s startup economy.
Inc42 Moneyball is your Thursday newsletter on India’s venture capital trends. 4 PM sharp.
Inc42 Markets is your weekly newsletter on tech IPOs & startup stocks. Every Sunday
get access to a list of 200+ family offices betting big on startups
Get access to a list of Alma Mater Of India's Unicorn & Soonicorn Founders
Login or create a free account to continue reading in private mode.
AI Description
The article announces that Infra.Market and Purple Style Labs have received approval from SEBI for their respective IPOs. This is significant news for investors and stakeholders in the Indian market, as it indicates potential new investment opportunities and reflects the regulatory environment's openness to new public listings.