Libas, an Indian fast fashion omnichannel ethnic wear brand, has secured Rs 150 crore in its first external funding round from IAF Series 5, a fund managed by ICICI Venture.
This marks the initial external investment for Zivore Apparel Pvt. Ltd., the parent company of Libas.
KPMG served as the exclusive transaction advisor to Libas, while JSA provided legal counsel to IAF Series 5, managed by ICICI Venture.
The newly acquired capital will bolster Libas’ omnichannel strategy by enhancing its digital presence and accelerating offline expansion.
The brand plans to establish more exclusive retail outlets across major metros and tier 1, 2, and 3 cities over the coming years.
Libas, which recently surpassed Rs 500 crore in revenue for FY24, intends to use its strengthened financial position to leverage its brand, design capabilities, and supply chain network across various channels.
The goal is to create a true omnichannel business model that integrates both online and offline experiences.
“The organised Indian apparel sector is expected to grow significantly in the coming years,” commented Sidhant Keshwani, Founder & CEO of Libas. Regarding the fundraise, he added,
“This investment will fuel expansion across categories and geographies with a strong focus on the 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.”
Currently, Libas has a robust online presence on platforms like Flipkart and Myntra and maintains offline outlets through exclusive brand outlets (EBOs), large format stores, and multi-brand outlets. A significant portion of its revenue is generated from its direct-to-consumer (D2C) channels. Recently, the brand announced Bollywood actress Kiara Advani as its brand ambassador with a campaign titled “There’s Always a Libas.”
