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HomeStartupsFundingLibas Raises $18 Mn in maiden external round from ICICI Venture’s fund

Libas Raises $18 Mn in maiden external round from ICICI Venture’s fund

Fast fashion omnichannel ethnic wear brand Libas has raised Rs 150 crore ($18 million) through IAF Series 5, a fund managed by ICICI Venture. This is the first external funding round for the decade-old company.

Libas will strengthen its omni-channel presence and ramp up its exclusive brand and retail outlets across key metros and tier I, II, and III cities over the next few years, the company said in a press release.

Libas also plans to leverage its brand, design capabilities, technology infrastructure,  and supply chain network across channels to create an omnichannel business.

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Led by Sidhant Keshwani, Libas offers ethnic wear and comfortable fusion silhouettes with an online presence on platforms such as Flipkart and Myntra, alongside an offline presence through EBOs, large format stores, and multi-brand outlets. It solely focuses on women’s fashion.

According to the Delhi-based company, most revenue comes from the brand’s D2C channels. Recently, the brand announced Bollywood actress Kiara Advani as its brand ambassador.

Libas claims that it crossed the Rs 500 crore revenue mark in FY24 and the projection seems pretty much feasible as the firm posted Rs 365 crore in operating revenue in the fiscal year ending March 2023. During the same period, its profit stood at Rs 13.8 crore.

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