Fast fashion omnichannel ethnic wear brand Libas has secured Rs 150 crore ($18 million) in its first external funding round from IAF Series 5, a fund managed by ICICI Venture. This marks a significant milestone for the decade-old company.
With the new funds, Libas plans to enhance its omnichannel presence and expand its exclusive brand and retail outlets across key metros and tier I, II, and III cities over the next few years. The company aims to leverage its brand, design capabilities, technology infrastructure, and supply chain network to bolster its omnichannel business, according to a press release.
Libas, led by Sidhant Keshwani, specializes in ethnic wear and comfortable fusion silhouettes. It has an online presence on platforms such as Flipkart and Myntra, and an offline presence through exclusive brand outlets (EBOs), large format stores, and multi-brand outlets. The brand focuses exclusively on women’s fashion.
The Delhi-based company reports that a significant portion of its revenue comes from its direct-to-consumer (D2C) channels. Recently, Libas announced Bollywood actress Kiara Advani as its brand ambassador, further enhancing its brand visibility.
Libas claims to have crossed the Rs 500 crore revenue mark in FY24, a projection supported by its Rs 365 crore operating revenue for the fiscal year ending March 2023. During the same period, the company posted a profit of Rs 13.8 crore.
Several fast fashion brands have raised funds in recent years, including 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 raised from investors after a failed pivot.
Libas’s successful funding round from ICICI Venture signifies strong investor confidence and sets the stage for the brand’s continued growth and expansion in the competitive fast fashion market.
