National, 30th May, 2024 – Libas, having solidified its standing as the top fast fashion omnichannel ethnic wear brand in India, has concluded its first external capital round with a Rupee 150 crore investment from ICICI Venture’s IAF Series 5. Libas has quickly expanded to become a dominant player in the online fashion market thanks to its engaging product assortment and cutting-edge digital touchpoints. Under the innovative leadership of Mr. Sidhant Keshwani and Mr. Sunil Keshwani, the bootstrapped brand Libas crossed the coveted Rupees 500 crore revenue threshold in FY24.
“Libas, led by Sidhant and Sunil Keshwani, has established themselves as a well-known clothing brand for Indian women consumers thanks to its emphasis on product quality, design, and quick fashion. Libas intends to bolster its digital presence while concentrating on its offline expansion and omnichannel capabilities in the Indian market. The company has proven industry leading growth qualities in a capital-efficient manner.”” said Gagandeep S Chhina, Senior Director, Private Equity, ICICI Venture.
In addition to its offline presence through EBOs, big-box stores, and multi-brand outlets, the brand already enjoys a strong online presence on sites like Flipkart and Myntra. Notably, the brand’s direct-to-consumer (D2C) channels account for a substantial amount of revenue.
