Libas will use the money to drive offline expansion across geographies and ramp up its exclusive brand and retail stores in important metros and Tier-1, 2, and 3 cities. Taking over from his father, Sidhant Keshwani led Libas’ internet venture in 2014. Today, it’s an omnichannel brand that sells Indian traditional clothing for women. According to Keshwani, the business has opened 15 exclusive brand locations in the last year and plans to add 200-250 more in the next 2.5 years.
Libas, a direct-to-consumer ethnic apparel brand, has received INR 150 crore in strategic finance from ICICI Ventures, ICICI Bank’s alternative investment arm.
The money will be used to accelerate offline expansion across geographies, as well as expand its exclusive brand and retail outlets in important metros and Tier-1, 2, and 3 cities.
Libas CEO Sidhant Keshwani told Inc42 that a portion of the funds will be utilized to strengthen the platform’s tech stack and invest more in marketing.
This investment will drive expansion across categories and geographies, with a particular emphasis on the omnichannel experience. “Our collaboration with ICICI Venture, backed by their successful track record and managerial expertise, perfectly aligns with Libas’ vision to revolutionize the Indian ethnic wear market,” said Keshwani.
Gagandeep S Chhina, senior director of private equity at ICICI Ventures, commented on the fundraise, saying, “… Libas has demonstrated industry leading growth characteristics in a capital efficient manner, and plans to strengthen its digital presence while focusing on its offline expansion and omnichannel capabilities in the Indian market…”
This is the first time the fast fashion ethnic wear firm has sought external finance. The funding comes from ICICI Ventures’ IAF Series 5 fund.
Taking over from his father, Keshwani led Libas’ online foray in 2014. Today, Libas is an omnichannel company that provides fast fashion Indian traditional clothing for ladies through both retail and online channels.
According to Keshwani, Libas’ website accounts for 15% of sales, while marketplaces such as Myntra and Amazon account for 70% of its total revenue. The remaining 15% originates from offline channels.
The firm claims to have generated INR 500 crore in revenue during the fiscal year 2023-24.
Libas is counting on the country’s expanding ecommerce acceptance as a result of low internet pricing and increased smartphone penetration. Inc42 predicts that the number of internet shoppers in India would exceed 500 million by 2030.
