SEBI clears IPOs of Infra.Market, Purple Style Labs

India’s capital markets regulator has cleared two companies' public foray, as construction-tech platform Infra.Market and luxury fashion retailer Purple Style Labs move closer to initial public offerings.

Hella Infra Market Ltd., the parent of Infra.Market, and Purple Style Labs Ltd. have received approval from the Securities and Exchange Board of India to proceed with their IPOs, according to regulatory filings.

Infra.Market’s approval follows a series of pre-IPO fundraises aimed at strengthening its balance sheet and promoter holding. In September 2025, the Thane-based company raised Rs 732 crore ($83 million) in a Series G round led by Nikhil Kamath’s family office, NKSquared. Silverline Homes, linked to co-founder Aaditya Sharda, invested Rs 250 crore, while Tiger Global committed Rs 176 crore through its Internet Fund. Accel, Evolvence India and Nexus Ventures also participated.

The round valued Infra.Market at about Rs 24,600 crore, reports said, and was partly structured to lift the combined stake of founders Sharda and Souvik Sengupta to nearly 30%, formally classifying them as promoters ahead of the IPO.

Founded in 2016, Infra.Market operates an online marketplace connecting construction material suppliers with contractors and developers, while also running a large private-label manufacturing business.

The company runs about 250 manufacturing plants across 55 cities and sells products across 15 categories. Revenue rose to Rs 14,530 crore in the year ended March 2024, with profit after tax of Rs 378 crore. Private-label manufacturing contributes roughly two-thirds of sales, supported by acquisitions including RDC Concrete, Shalimar Paints and Emcer Tiles.

Purple Style Labs, meanwhile, is positioning itself as a rare luxury fashion listing from India. The company, which owns multi-designer platforms Pernia’s Pop-Up Shop and The Stylist, raised about $40 million in a Series E round in March 2025 led by SageOne Flagship Growth OE Fund, Alchemy Long Term Ventures Fund, Bajaj Holdings and Minerva Ventures Fund.

Founded in 2015 by Abhishek Agarwal, Purple Style Labs operates an omnichannel model spanning e-commerce and physical experience centres. It plans to open what it calls India’s largest multi-designer luxury store in Mumbai’s Fort area and expand internationally into markets such as New York, Los Angeles and Dubai.