Libas, an Indian fast fashion omnichannel ethnic wear brand, has closed its first external funding round with an investment of Rs 150 crore from IAF Series 5, a fund managed by ICICI Venture. This marks the first external fund raised by Zivore Apparel Pvt. Ltd., the company that owns Libas.
KPMG acted as the exclusive transaction advisor to Libas, while JSA served as the legal advisor to IAF Series 5, managed by ICICI Venture.
The newly acquired capital is expected to bolster Libas’ omnichannel strategy by enhancing its digital presence and accelerating its offline expansion. The brand aims to establish more exclusive brand retail outlets across major metros and tier 1/2/3 cities over the next few years.
Libas, which recently surpassed Rs 500 crore in revenue for FY’24, plans to use its strengthened financial position to leverage its brand, design capabilities, and supply chain network across various channels. The goal is to create a true omnichannel business model that integrates both online and offline experiences.
“The organised Indian apparel sector is expected to grow significantly in coming years,” commented Sidhant Keshwani, Founder & CEO, Libas. About the fundraise he said, “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 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 women consumers. 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.
Currently, Libas has a robust online presence on platforms like Flipkart and Myntra and maintains offline outlets through EBOs, large format stores, and multi-brand outlets. A significant portion of its revenue is generated from its direct-to-consumer (D2C) channels. Recently, the brand also announced Bollywood actress Kiara Advani as its brand ambassador, with a campaign titled ‘There’s Always a Libas’.
