Fast-fashion ethnic wear brand Libas has raised its maiden external funding round, receiving
₹150 crore worth investment from IAF Series 5, a fund managed by ICICI Venture. The fresh funds will be used 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 firm said in a statement.
Libas said it also plans to leverage its brand, design capabilities, technology infrastructure and supply chain network across channels to create a true omnichannel business.
“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,” said Sidhant Keshwani, Founder and CEO of Libas.
The bootsrapped startup said it crossed the
₹500 crore revenue mark in FY24. Notably, a significant portion of the revenue comes from the brand's own D2C channels.
The ethnic wear brand claims to already have a strong online presence on platforms such as Flipkart and Myntra, alongside offline presence through EBOs, large format stores and multi-brand outlets.
The brand offers stylish ethnic wear and comfortable fusion silhouettes curated to match the aspirations of modern Indian women. With a focus on both quality and affordability, Libas claims to cater to women of all ages, providing the perfect blend of contemporary style and traditional elegance.
