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Ethnic wear brand Libas has raised ₹150 crore in its first funding round from IAF Series 5, a fund managed by ICICI Venture.
The brand, bootstrapped since its inception in 2013, is owned by Zivore Apparel Pvt Ltd.
Sidhant Keshwani, Founder and CEO of Libas, told businessline, the funds will be deployed to strengthen the brand’s omnichannel presence.“ This first funding round will help us accelerate our growth to become a leading player in the fashion segment. In 2022, we began expanding the brand’s presence in the offline retail space. The funds will also be instrumental in accelerating Libas’ growth plans. The investment will be primarily directed towards scaling new stores and enhancing the brand’s marketing and technology capabilities,” he stated
Libas crossed the ₹500 crore mark in FY24 and has been growing steadily. “Looking ahead, we are projecting a substantial growth rate of 40-45 per cent for the coming year. With an aim to achieve ₹1,000 crore in revenue by the end of next year, we are looking at taking on bigger bets and making strategic investments to fuel this growth trajectory,” Keshwani added.
It is sold through marketplaces such as Flipkart and Myntra. It currently has an offline presence through 13 Exclusive Brand Outlets (EBOs) and 400 large-format stores and multi-brand outlets such as Lifestyle and Shoppers Stop.
“The fresh capital will add momentum to Libas’ strategy of strengthening its omni-channel presence. Over the next four years, we plan to ramp up our exclusive retail outlets to more than 160 stores across key metros and tier 2, tier 3 cities,” Keshwani added.
The brand, which recently roped in Kiara Advani as its ambassador, is betting on the “significant growth” potential of the organised Indian apparel sector in the coming years.
“Libas has demonstrated industry leading growth characteristics in a capital efficient manner and plans to strengthen its digital presence while focussing on its offline expansion and omnichannel capabilities in the Indian market. 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 of Private Equity ICICI Venture, in a statement.
KPMG acted as Libas’s exclusive transaction advisor.
JSA acted as the legal advisor to IAF Series 5, a fund managed by ICICI Venture.
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