TLDR:
- Libas, a fast fashion ethnic wear brand, raises $18 million in its first external funding round from ICICI Venture’s fund.
- The company plans to expand its omni-channel presence and retail outlets across various cities.
Libas, a fast fashion omnichannel ethnic wear brand, has secured Rs 150 crore ($18 million) in funding from IAF Series 5, managed by ICICI Venture. This marks the company’s first external funding round since its establishment a decade ago. The funding will be used to enhance its omni-channel presence and expand its exclusive brand and retail outlets in metros, tier I, II, and III cities. Libas aims to leverage its brand, design capabilities, technology infrastructure, and supply chain network to grow its omnichannel business.
Founded by Sidhant Keshwani, Libas specializes in offering ethnic wear and comfortable fusion silhouettes for women. The brand has a strong online presence on platforms like Flipkart and Myntra, as well as offline retail outlets including EBOs, large format stores, and multi-brand outlets. With a significant portion of revenue generated through its direct-to-consumer channels, Libas recently appointed Bollywood actress Kiara Advani as its brand ambassador.
The company claims to have crossed the Rs 500 crore revenue milestone in FY24, with operating revenue of Rs 365 crore in the fiscal year ending March 2023. During the same period, it reported a profit of Rs 13.8 crore. Libas’ growth comes at a time when several fast fashion brands, including Newme, DSLR, French Crown, and Virgio, have also raised funds to support their expansion plans. It’s worth noting that Virgio, led by former Myntra CEO Amar Nagaram, faced challenges and was reportedly planning to return most of its raised capital following a failed pivot.
The funding from ICICI Venture’s fund is expected to fuel Libas’ growth trajectory and help the brand solidify its position in the competitive fashion retail market.
