Ethnic wear brand Libas’ owner Zivore Apparel has closed its first external funding round by securing an investment of Rs 150 crore from IAF Series 5, a fund managed by ICICI Venture.
The latest funding round comes on the heels of Libas’ remarkable financial performance, with the brand crossing the Rs 500 crore revenue mark in fiscal 2023-2024.
The fresh capital is expected to add momentum to Libas’ strategy to further strengthen its omni-channel presence and ramp up its exclusive brand and retail outlets across Indian towns and cities.
Libas plans to leverage its brand, design capabilities, technology infrastructure, supply chain network across channels to create a true omnichannel business.
KPMG acted as the exclusive transaction advisor to Libas, while JSA acted as the legal advisor to IAF Series 5.
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.
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.
Recently, the brand also announced Bollywood actress Kiara Advani as its brand ambassador and she featured in a campaign titled ‘There’s Always a Libas’.
Sidhant Keshwani, Founder and CEO of Libas said, “The organised Indian apparelsector is expected to grow significantly in coming years and this investment will fuel expansion across categories.”
“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,” he added.
“The industry is expected to see organised players with focus on branding and omnichannel customer experience become brands of choice,” Gagandeep Chhina, Senior Director, ICICI Venture also said.
