Ethnic Fashion Brand Libas Gains INR 150 Cr Maiden Funding from ICICI Venture’s Fund | Entrepreneur

Fast fashion omnichannel ethnic wear brand Libas has announced the closing of its first external funding round, with an investment of INR 150 crore by IAF Series 5, a fund managed by ICICI Venture.

With the fresh capital, Libas aims to strengthen its omni-channel presence and ramp up its exclusive brand and retail outlets across key metros and tier I, II, and III cities over the next few years.

Libas also plans to leverage its brand, design capabilities, technology infrastructure, and supply chain network across channels to create a true omnichannel business.

Sidhant Keshwani, Founder and CEO of Libas, said, “The organised Indian apparel sector is expected to grow significantly in the 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,” he added.

Led by Sidhant Keshwani, Libas provides comfortable fusion silhouettes and ethnic wear for women. It is available online at Flipkart and Myntra, and it is also available offline at EBOs, big-box stores, and multi-brand outlets.

“Libas has demonstrated industry leading growth characteristics in a capital-efficient manner and plans to strengthen its digital presence while focusing on its offline expansion and omnichannel capabilities in the Indian market,” added Gagandeep S Chhina, Senior Director, Private Equity, ICICI Venture.

Recently, the Delhi-based brand also announced Bollywood actress Kiara Advani as its brand ambassador.

Over the past 18 months, Libas, which began as a direct-to-consumer (D2C) online business, has expanded into the offline market by opening about 18 retail locations.

According to the startup, it generated revenue of INR 500 crore for FY24. It expects to register a growth of 40–45% in the current fiscal year.