This funding round by IAF Series 5, a fund managed by ICICI Venture, is the first-ever external fund raised by Libas
New Delhi: Delhi-based fast fashion omnichannel ethnic wear brans Libas has raised Rs.150 crore from ICICI Venture fund, a release by the company said on Thursday.
This funding round by IAF Series 5, a fund managed by ICICI Venture, is the first ever external fund raised by Zivore Apparel Pvt Ltd, the company which owns the brand Libas, the release added.
Libas, which clocked a Rs 500 crore revenue mark in the fiscal year (FY) 2024 will use the fresh capital to help build an omnichannel presence by strengthening its current digital leadership position, accelerating offline expansion across geographies with a focus on exclusive brand retail outlets
“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,” said Sidhant Keshwani, founder and chief executive officer, Libas.
At present, the brand has its presence on Flipkart and Myntra, alongside offline presence through exclusive brand outlets (EBO), large format stores and multi-brand outlets. Notably, a significant portion of the revenue comes from the brand’s own D2C channels.
Started in the year 1985, Libas offers ethnic wear with a focus on both quality and affordability, Libas caters to women of all ages, providing the perfect blend of contemporary style and traditional elegance. According to the brand’s official website, Libas has over 11 stores in cities like Pune, Delhi, Noida, Indore, Lucknow, and Siliguri.
