The alternative investment arm of ICICI Bank, ICICI Venture is in talks to invest in ethnic wear brand Libas.
The brand is carving out expansion plans to cash in the country’s upcoming festive season. The company notched a net revenue of Rs. 4.25 billion rupees during the financial year ended March 2023.
Both the companies have not said anything on this development.
For ICICI Venture, this would be yet another investment in the apparel segment. Its earlier investments in the sector include firms like publicly-held Go Fashions India — the owner of womenswear brand Go Colors.
ICICI Venture is currently investing from its fifth PE fund, which has a corpus of US $ 362 million.
As per media reports, talks are at a fairly advanced stage — both parties involved are trying to close the deal at the earliest.
Though the exact amount the private equity firm is looking to pump into Libas could not be ascertained, it has been reported that the company is looking to raise US $ 18 million to US $ 24 million.
Almost a decade old, Libas is currently looking to ramp up its exclusive retail outlets in the country. While its products are already available online on platforms.
Having around 20 EBOs, the company has also built a substantial offline presence through around 400 multibrand outlets. Headquartered in Bengaluru, the company has massive expansion plan to add own stores.
