National, 30th May, 2024 – Having cemented its position as India’s leading fast fashion omnichannel ethnic wear brand, Libashas successfully closed its first external funding round, with an investment of Rupees 150 crore by IAF Series 5, a fund managed by ICICI Venture. Libas has fast-tracked its growth to become a leading force in the online fashion segment, captivating customers with its dynamic product range and innovative digital touchpoints. The latest funding round comes on the heels of Libas’ remarkable financial performance, with the bootstrapped brand crossing the coveted Rupees 500 crore revenue mark in FY24 under the visionary leadership of Mr. Sidhant Keshwaniand Mr. Sunil Keshwani.
The fresh capital is expected to add momentum to Libas’ strategyto 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. Libas plans to leverage its brand, design capabilities, technology infrastructure, supply chain network across channels to create true omnichannel business.
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 thisinvestment 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 revolutionize the Indian ethnic wear market.”
“Libas under the leadership of Sidhant and Sunil Keshwani, through its focus on product quality, design and fast fashion, has become a well–established apparel brand for Indian womenconsumers. Libas has demonstrated industry leading growth characteristics in a capital efficient manner and plans tostrengthen its digital presence while focussing on its offline expansion and omnichannel capabilities in the Indian 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 already has a strong online presence on platforms such as Flipkart and Myntra, alongside offline presence through EBOs,large format stores and multi-brand outlets. Notably, 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. The campaign featuring Kiara Advani, titled ‘There’s Always a Libas’ has been widely praised for showcasing the brand’s commitment to versatility and inclusivity.
With a proven track record of success and a clear vision for the future, Libas is all set to redefine the retail experience and set new benchmarks of excellence in the industry.
KPMG acted as the exclusive transaction advisor to Libas.
JSA acted as the legal advisor to IAF Series 5, a fund managed by ICICI Venture.
About Libas-
Libas is a young, fashionable, and accessible ethnic fashion brand that embodies the spirit of the modern Indian woman. The brandoffers stylish ethnic wear and comfortable fusion silhouettes curated to match the aspiration of modern Indian women. With a focus on both quality, and affordability, Libas caters to women of all ages, providing the perfect blend of contemporary style and traditional elegance.
