First-Ever External Fundraise by Zivore Apparel Pvt Ltd
- This funding round by IAF Series 5, a fund managed by ICICI Venture, is the first-ever external fundraise by Zivore Apparel Pvt Ltd, the Company that owns the brand Libas
- The fresh capital is expected to help build an omnichannel presence for Libas with the strengthening of its current digital leadership position, accelerate offline expansion across geographies with a focus on exclusive brand retail outlets
Libas’ Remarkable Growth and Financial Performance
National, 30th May 2024 – Having cemented its position as India’s leading fast fashion omnichannel ethnic wear brand, Libas has successfully closed its first external funding round, with an investment of Rupees 150 crore by IAF Series 5, a fund managed by ICICI Venture. Libas has fast-tracked its growth to become a leading force in the online fashion segment, captivating customers with its dynamic product range and innovative digital touchpoints. The latest funding round comes on the heels of Libas’s remarkable financial performance, with the bootstrapped brand crossing the coveted Rupees 500 crore revenue mark in FY24 under the visionary leadership of Mr. Sidhant Keshwani and Mr. Sunil Keshwani.
Strategic Expansion Plans
The fresh capital is expected to add momentum to Libas’ strategy to strengthen its omnichannel presence further and ramp up its exclusive brand and retail outlets across key metros and tier 1/2/3 cities over the next few years. Libas plans to leverage its brand, design capabilities, technology infrastructure, and supply chain network across channels to create a true omnichannel business.
Leadership and Vision
Speaking about the fundraise, Sidhant Keshwani, Founder and CEO of Libas said, “The organized 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 the omnichannel experience. 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.”
Support from ICICI Venture
“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 focusing on its offline expansion and omnichannel capabilities in the Indian market. The industry is expected to see organized players with a focus on branding and omnichannel customer experience become brands of choice for the consumers,” said Gagandeep S Chhina, Senior Director of private Equity, at ICICI Venture.
Current Presence and Brand Ambassador
The brand already has a strong online presence on platforms such as Flipkart and Myntra, alongside offline presence through EBOs, large format stores, and multi-brand outlets. Notably, a significant portion of the revenue comes from the brand’s own D2C channels. Recently, the brand also announced Bollywood actress Kiara Advani as its brand ambassador. The campaign featuring Kiara Advani, titled ‘There’s Always a Libas’ has been widely praised for showcasing the brand’s commitment to versatility and inclusivity.
With a proven track record of success and a clear vision for the future, Libas is all set to redefine the retail experience and set new benchmarks of excellence in the industry.
KPMG acted as the exclusive transaction advisor to Libas.
JSA acted as the legal advisor to IAF Series 5, a fund managed by ICICI Venture.
About Libas
Libas is a young, fashionable, and accessible ethnic fashion brand that embodies the spirit of the modern Indian woman. The brand offers stylish ethnic wear and comfortable fusion silhouettes curated to match the aspirations of modern Indian women. 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.
