Libas is a D2C fashion ethnic startup that has secured Rs 150 crore in a funding round led by ICICI Ventures. This is also the first time that the fashion brand has raised external funding. The brand is planning to use this fund to scale up operations, enhance its platform, and aim for expansion in the fashion market. The brand provides high-quality ethnic wear clothing.
According to inc42, the startup plans to use this amount to grow its offline expansion across the country and increase its exclusive brand and retail outlets across metros and Tier-1,2,3 cities. The CEO of Libas, Sidhant Keshwani told inc42, that a portion of this fund will be used to enhance the technical aspects of the team and they will invest more in marketing. The startup will focus on omnichannel mode of marketing. The startup claims to provide fashionable, upbeat, and stylish collection of ethnic and fusion wear created by integrating them with fashion trends worldwide.
Image source: Libas.in
The trust of investors shows the market potential of this startup. Senior director of private equity at ICICI Ventures said that the startup has already shown industry-leading growth characteristics in a capital efficient manner. The company plans to expand in the offline market and solidify its digital presence across the country. The company sells ethnic wear in both online and offline channels and reported a revenue of Rs 500 crore in FY24
Last year, the startup opened around 15 Exclusive brand outlets and plans to open over 250 outlets by 2026-27. The company is expected to have an annual revenue of Rs 1,000 crore by the end of FY25. Inc42 predicted that the fashion ecommerce market is expected to reach more than $112 billion mark by 2030. Earlier this month, Lyskraft, an omnichannel Fashion startup has raised $26 million in seed money in its early-stage round led by Peak SV partners. Additionally, Meesho also closed its first funding round at $275 million. The startup competes with Flipkart-owned Myntra, and Nykaa Fashion, among others.
Conclusion:
D2C fashion and etnchic wear startup, Libas managed to secure Rs 150 crore in a funding round led by ICICI ventures. The company plans to use this fund to scale up operations, enhance its platform, and aim for expansion in the fashion market. The brand provides high-quality ethnic wear clothing. This startup plans to use this amount to grow its offline expansion across the country and increase its exclusive brand and retail outlets across metros and Tier-1,2,3 cities. Libas claims to provide fashionable, upbeat, and stylish collection of ethnic and fusion wear created by integrating them with fashion trends worldwide. The startup opened around 15 Exclusive brand outlets and plans to open over 250 outlets in next two to three years. The company sells ethnic wears in both online and offline
channels and will compete with brans like Nykka fashion and myntra. This investment of Rs 150 crore will benefit both companies by providing innovative solutions.
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