D2C fashion brand Libas raises Rs 150Cr from ICICI Ventures

Direct-to-consumer (D2C) ethnic wear brand Libas has raised Rs 150 crore in its first external funding round from ICICI Ventures, the alternative investment arm of ICICI Bank.

The investment comes from ICICI Ventures’ IAF Series 5 fund.

Libas, which is owned by Zivore Apparel Pvt Ltd, has been bootstrapped since its inception in 2013 and has steadily grown its market presence.

Accelerating offline expansion

The brand plans to use the raised capital to accelerate its offline expansion and strengthen its omnichannel presence.

“This investment will drive expansion across all categories and regions, with a strong focus on omnichannel experience," said Libas CEO Sidhant Keshwani.

Keshwani further elaborated that the capital will help enhance the brand's technology and marketing capabilities and scale new stores across key metros and tier 1, 2, and 3 cities.

“We are projecting a substantial growth rate of 40-45% for the coming year, aiming to achieve Rs 1,000 crore in revenue by the end of next year," Keshwani added.

Operating both online and offline

Founded by Sidhant Keshwani and Sunil Keshwani, Libas operates both online and offline, selling ethnic fashion for women through various channels. 

According to reports, The company's website accounts for 15% of sales, while marketplaces like Flipkart, Myntra, and Amazon contribute 70%.

The remaining 15% comes from offline channels, including 15 Exclusive Brand Outlets (EBOs) and 400 large-format stores and multi-brand outlets such as Lifestyle and Shoppers Stop.

It has opened around 18 retail outlets and plans to expand to more than 160 stores in various cities over the next four years. It claims to have crossed Rs 500 crore revenue mark in FY

What did ICICI Venture say about Libas?

“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. 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 omnichannel capabilities in the Indian market. The industry is expected to see organised players with focus on branding and omnichannel customer experience become brands of choice for the consumers,” said Gagandeep S Chhina, Senior Director, Private Equity, ICICI Venture.