Libas raises Rs 150 crore from IAF Series 5 to boost omni-channel operations

Omni-channel ethnic wear brand Libas has raised Rs 150 crore from IAF Series 5, a fund managed by ICICI Venture. The fast fashion brand aims to use the capital to expand its operations and open stores in metros as well as Tier two and three cities over the coming few years.

“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 omni-channel experience,” said Libas’ founder and CEO Sidhant Keshwani in a press release. “Our collaboration with ICICI Venture, bolstered by their successful track record and managerial expertise, perfectly aligns with Libas’ vision to revolutionise the Indian ethnic wear market.”
 
The funding marks the first ever external fund raise by Zivore Apparel Private Limited, Libas’ owner. The 2024 financial year saw Libas cross the Rs 500 crore revenue mark and the business also recently announced Bollywood celebrity Kiara Advani as its brand ambassador.
 
“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,” said ICICI Venture’s senior director of private equity Gagandeep S Chhina. “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 omni-channel capabilities in the Indian market. The industry is expected to see organised players with focus on branding and omni-channel customer experience become brands of choice for the consumers.”