Infra.Market and Purple Style Labs Get SEBI Green Signal, Signalling Fresh Momentum in India’s IPO Pipeline

India’s public markets are warming up once again to new-age businesses. As the IPO window cautiously reopens, two prominent startup-led companies — Infra.Market and Purple Style Labs — have moved a decisive step closer to Dalal Street. Both companies have received approval from the Securities and Exchange Board of India (SEBI) to launch their initial public offerings, according to observations issued by the market regulator.

The twin approvals underline a gradual but clear revival of IPO activity among India’s startup ecosystem, especially as investors begin to look beyond caution and back towards long-term growth stories.

Infra.Market: From Startup to Unicorn, Now Eyeing Public Markets

For Infra.Market, the SEBI nod marks the culmination of months of preparation. The building materials unicorn had filed a confidential Draft Red Herring Prospectus (DRHP) nearly three months ago, outlining plans to raise ₹5,000 crore through an IPO.

According to earlier disclosures, the proposed issue is expected to comprise a near-equal mix of fresh equity shares and an offer for sale (OFS) by existing shareholders. The structure reflects a dual objective — raising growth capital for the company while also offering partial exits to early backers.

The approval comes on the back of sustained investor interest in Infra.Market. In September 2025, the company raised $83 million in a Series G funding round, led by Silverline Homes, with participation from marquee global and domestic investors such as Tiger Global, Accel, Nexus Ventures, NK Squared and Evolvence India.

Operationally, Infra.Market has continued to scale at a rapid pace. In FY25, the company’s gross revenue grew 27% year-on-year to ₹18,472 crore (around $2.1 billion), reflecting strong demand across infrastructure and construction-linked segments. However, profitability came under pressure during the year, with net profit declining nearly 42% to ₹220 crore, indicating the cost of expansion in a competitive and capital-intensive sector.

Still, the SEBI clearance positions Infra.Market among the most closely watched startup IPOs, given its scale, sector relevance and unicorn status.

Purple Style Labs: Fashion Meets the IPO Runway

Joining Infra.Market in the IPO queue is Purple Style Labs (PSL), the parent company of luxury fashion platform Pernia’s Pop-Up Shop.

In September 2025, PSL had filed its DRHP with SEBI to raise ₹660 crore through an IPO. Unlike Infra.Market, PSL’s proposed public issue will be entirely a fresh issue of equity shares, with no offer for sale component.

As per the draft documents, the company plans to deploy the IPO proceeds primarily into its wholly owned subsidiary, PSL Retail. The funds will be used to meet lease obligations for experience centres and back-end offices, alongside investments in sales, marketing and general corporate purposes.

On the financial side, PSL has faced some headwinds. Its operating revenue dipped marginally to ₹490 crore in FY25, compared to ₹504 crore in FY24. Losses, however, widened sharply — nearly four times to ₹188.5 crore — largely due to ESOP-related expenses amounting to ₹122.7 crore during the year.

Despite the losses, the company’s bet on experiential luxury retail and brand-led fashion continues to define its long-term growth strategy, now set to be tested under public market scrutiny.

IPO Momentum Builds Across the Startup Ecosystem

The approvals for Infra.Market and Purple Style Labs come at a time when SEBI has been clearing a steady stream of IPO proposals from new-age companies. Over the past two months alone, the market regulator has approved issues from firms such as PhonePe, Kissht, Turtlemint, LEAP India, and Molbio Diagnostics.

Together, these approvals signal a cautious but meaningful comeback of startup IPOs in India — one where companies with scale, brand recognition and sectoral relevance are leading the charge.

As Infra.Market and Purple Style Labs prepare for their market debuts, all eyes will now be on timing, valuation and investor appetite — factors that could shape the next phase of India’s startup-to-public-market journey.