D2C ethnic apparel manufacturer Libas has raised INR 150 Cr in a strategic fundraising round led by ICICI Ventures, the alternative investment division of ICICI Bank.
The company will use the capital to accelerate offline expansion across geographies further and ramp up its exclusive brand and retail outlets across key metros and Tier-1, 2, and 3 cities.
The fast-fashion ethnic apparel company has never raised outside capital before. The ICICI Ventures provided the funding.
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Libas has set its sights on building 200–250 shops in the next 2.5 years, having already opened 15 exclusive brand outlets (EBOs) in the last year. By the conclusion of the following fiscal year, it hopes to generate INR 1,000 Cr in revenue annually.
Sidhant Keshwani, Founder and CEO of Libas said: “The organised Indian apparel sector is expected to grow significantly in coming years and this investment will fuel expansion across categories, and geographies with a strong focus on omnichannel experience. Our collaboration with ICICI Venture, bolstered by their successful track record and managerial expertise, perfectly aligns with Libas’ vision to revolutionize the Indian ethnic wear market.”
Libas is counting on the nation’s e-commerce market to flourish due to low internet costs and rising smartphone usage. According to Inc42, there will be more than 500 million Indian online customers by 2030.
Gagandeep S Chhina, Senior Director, Private Equity, ICICI Venture, said: “Libas under the leadership of Sidhant and Sunil Keshwani, through its focus on product quality, design and fast fashion, has become a well-established apparel brand for Indian women consumers. 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,”
About Libas
Founded in 2005 by Sidhant Keshwani, Libas is a global online fashion retailer website. Our constant endeavour is to provide fashionable, trendsetting, up-to-the-minute collection of ready to wear suits, sarees lehengas, and contemporary indo-western outfits.
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