The fast fashion omnichannel ethnic wear brand, Libas has successfully closed its first external funding round, with an investment of Rs 150 crore by IAF Series 5, a fund managed by ICICI Venture. The fresh capital is expected to add momentum to Libas’ strategy to further strengthen its omni-channel presence and ramp up its exclusive brand and retail outlets across key metros and tier-1,2,3 cities over the next few years. The brand also plans to leverage its brand, design capabilities, technology infrastructure, supply chain network across channels to create true omnichannel business. At the same time, it also aims to double its sales in the next two years to Rs 1,000 crore.
The bootstrapped brand crossed Rs 500 crore revenue mark in FY24. During the funding, KPMG acted as the exclusive transaction advisor to Libas and JSA acted as the legal advisor to IAF Series 5.
Speaking about the fundraise, Sidhant Keshwani, Founder and CEO of Libas said, “The organised Indian apparel sector is expected to grow significantly in coming years and this investment will fuel expansion across categories, and geographies with a strong focus on omnichannel experience. Our collaboration with ICICI Venture, bolstered by their successful track record and managerial expertise, perfectly aligns with Libas’ vision to revolutionise the Indian ethnic wear market.”
“The industry is expected to see organised players with focus on branding and omnichannel customer experience become brands of choice for the consumers,” said Gagandeep S Chhina, Senior Director, Private Equity, ICICI Venture.
The brand has an online presence on platforms such as Flipkart and Myntra, alongside offline presence through EBOs, large format stores and multi-brand outlets. At present, a significant portion of the revenue comes from the brand’s own D2C channels. Recently, the brand also announced Bollywood actress Kiara Advani as its brand ambassador.