Summary:

  • Led by Sidhant Keshwani, Libas specializes in ethnic wear and comfortable fusion silhouettes.

  • The round is led by AF Series 5, a fund managed by ICICI Venture

  • Libas intends to use the funds to strengthen its omnichannel presence.

 

Fast fashion omnichannel ethnic wear brand Libas has secured Rs 150 crore ($18 million) in funding from IAF Series 5, a fund managed by ICICI Venture. This marks the first external funding round for the company, which has been in operation for a decade.
According to a company press release, Libas intends to use the funds to strengthen its omnichannel presence and expand its exclusive brand and retail outlets in metropolitan areas.

The company aims to enhance its brand, design capabilities, technology infrastructure, and supply chain network across various channels to create a robust omnichannel business

Led by Sidhant Keshwani, Libas specializes in ethnic wear and comfortable fusion silhouettes, catering exclusively to women. The brand maintains an online presence on platforms such as Flipkart and Myntra and has an offline presence through exclusive brand outlets (EBOs), large format stores, and multi-brand outlets.

The Delhi-based company reports that a significant portion of its revenue is generated from its direct-to-consumer (D2C) channels. Recently, Libas announced Bollywood actress Kiara Advani as its brand ambassador, which is expected to further boost its visibility and appeal.

Libas claims to have crossed the Rs 500 crore revenue mark in the fiscal year 2023-24. This projection appears credible given that the company reported Rs 365 crore in operating revenue for the fiscal year ending in March 2023, with a profit of Rs 13.8 crore during the same period.
In recent years, several fast fashion brands have raised significant funds. Notable examples include Newme, DSLR, French Crown, and Virgio, a startup launched by former Myntra CEO Amar Nagaram. According to media reports, Virgio was planning to return most of the capital it had raised from investors after a failed pivot.
Fast fashion omnichannel ethnic wear brand Libas has secured Rs 150 crore ($18 million) in funding from IAF Series 5, a fund managed by ICICI Venture. This marks the first external funding round for the company, which has been in operation for a decade.
Libas plans to use the funds to bolster its omnichannel presence and expand its exclusive brand and retail outlets in major metropolitan areas and tier I, II, and III cities over the next few years, according to a press release issued by the company.
The company aims to enhance its brand, design capabilities, technology infrastructure, and supply chain network across various channels to create a robust omnichannel business.
Led by Sidhant Keshwani, Libas specializes in ethnic wear and comfortable fusion silhouettes, catering exclusively to women. The brand maintains an online presence on platforms such as Flipkart and Myntra and has an offline presence through exclusive brand outlets (EBOs), large format stores, and multi-brand outlets.
The Delhi-based company reports that a significant portion of its revenue is generated from its direct-to-consumer (D2C) channels. Recently, Libas announced Bollywood actress Kiara Advani as its brand ambassador, which is expected to further boost its visibility and appeal.

Libas claims to have crossed the Rs 500 crore revenue mark in the fiscal year 2023-24. This projection appears credible given that the company reported Rs 365 crore in operating revenue for the fiscal year ending in March 2023, with a profit of Rs 13.8 crore during the same period.

In recent years, several fast fashion brands have raised significant funds. Notable examples include Newme, DSLR, French Crown, and Virgio, a startup launched by former Myntra CEO Amar Nagaram. According to media reports, Virgio was planning to return most of the capital it had raised from investors after a failed pivot.