June 22, 2024
Corporates

Garment Brand Libas Bags Rs 150cr Funding From ICICI Venture

Omni-channel retailer and ethnic wear brand Libas has successfully closed its first external funding round and bagged an investment of Rs 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 touch points.

The latest funding round comes on the heels of Libas’ remarkable financial performance, with the bootstrapped brand crossing the Rs 500 crore revenue mark in fiscal 2023-24.

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 and 3 cities.

“Libas plans to leverage its brand, design capabilities, technology infrastructure, supply chain network across channels to create true omni-channel business,” a press release informed.

“The organised apparel sector is expected to grow significantly in coming years and this investment will fuel expansion across categories, and geographies,” Libas Founder Sidhant Keshwani said.

“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.

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 and launched a campaign featuring the actress titled ‘There’s Always a Libas’.

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