New Delhi: Ethnic fashion retailer Libas has raised Rs 150 crore from ICICI Venture, marking its first external fundraise.
The company plans to use the funds to further strengthen its omnichannel presence and ramp up its retail stores across key metros and tier 1, 2, and 3 cities over the next few years.
“The organised 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 omnichannel experience,” commented, Sidhant Keshwani, founder and CEO, Libas.
The average store size of Libas will be between 1,200-1,800 sq.ft and the CAPEX involved will be Rs 1.3 crore for each store.
The company claims to have crossed the Rs 500 crore revenue mark in FY24. On the distribution front, the ethnic wear brand sells via online platforms such as Flipkart and Myntra and offline through its EBOs, large format stores and multi-brand outlets.
