Libas, a direct-to-consumer (D2C) brand specializing in ethnic wear, has successfully raised INR 150 crore in its first external funding round led by ICICI Ventures.
The capital infusion will be instrumental in accelerating the brand’s offline expansion efforts across various regions, with a particular focus on establishing exclusive brand outlets in key metros as well as Tier-1, 2, and 3 cities.
In addition to expanding its offline presence, a significant portion of the funds will be allocated towards strengthening Libas’ technological infrastructure and intensifying marketing initiatives, according to CEO Sidhant Keshwani.
Keshwani expressed enthusiasm about the collaboration with ICICI Ventures, emphasizing their shared vision to transform the Indian ethnic wear market through innovative omnichannel experiences.
Gagandeep S Chhina, senior director of private equity at ICICI Ventures, commended Libas for its exceptional growth trajectory and capital-efficient approach. He highlighted the brand’s plans to bolster its digital footprint while enhancing offline expansion and omnichannel capabilities in the Indian market.
The investment, sourced from ICICI Ventures’ IAF Series 5 fund, marks a significant milestone for Libas as it embarks on its journey of growth and market disruption in the fast-fashion ethnic wear segment.
