Noida-based ethnic wear brand Libas is preparing for its next growth leap, aiming to achieve ₹1,000 crore in revenue by FY26 and considering a SME IPO within the next 2–3 years. The announcement follows a recent ₹150 crore fundraise from IAF Series 5, a fund managed by ICICI Venture, marking its first institutional capital infusion.
Founded in the 1980s and digitally reinvented in 2014, Libas has emerged as one of India’s fastest-growing D2C fashion brands, serving customers via its website, app, and major marketplaces like Myntra and Flipkart. Currently, over 80% of the brand’s revenue comes through online sales, while offline contributes about 10–15%. With the new capital, the brand is now eyeing a balanced omnichannel model by ramping up its offline presence across the country.
“We’ve already crossed ₹500 crore in revenue and are well on track to double that by FY26,” said Sidhant Keshwani, CEO of Libas. “Our focus now is to expand through a company-owned retail network and deepen our D2C footprint while building a sustainable and profitable business ahead of our public listing.”
The company plans to scale from its current 15 stores to 150–200 company-owned, company-operated (COCO) outlets over the next two years. The expansion will focus on metro cities initially, followed by a strong presence in Tier II and Tier III markets, where demand for affordable, stylish ethnic wear is rising. Libas is using data-led location strategies to identify high-potential micro-markets for new store rollouts.
The brand’s D2C-first approach will continue to be a major pillar of growth. The company is also strengthening its global presence through online channels, targeting Indian diaspora markets in the UK, USA, UAE, and Australia. While the international focus will remain digital for now, it positions Libas among Indian fashion players embracing cross-border D2C commerce.
The ₹150 crore funding will be deployed to enhance supply chain efficiency, invest in technology, hire leadership talent, and bolster brand building across online and offline channels. Libas also plans to invest in experiential retail formats, ensuring its physical stores reflect the same convenience and aesthetic appeal that made its D2C brand popular online.
With its revenue and retail ambitions aligned, Libas is positioning itself for a SME IPO between FY26 and FY27, depending on market conditions and financial milestones. The company’s strategy is to build a capital-efficient business that can stand out in the increasingly competitive ethnic wear market.
Libas’ evolution from a digital-native D2C brand to an omnichannel powerhouse demonstrates the changing face of Indian fashion retail—where D2C isn’t just a launch strategy, but the core engine driving product innovation, customer loyalty, and global scalability.
