Brands
Libas secures Rs 150 crore from IAF Series 5, a fund managed by ICICI Venture
Mumbai: Having cemented its position as India’s leading fast fashion omnichannel ethnic wear brand, Libas has successfully closed its first external funding round, with an investment of rupees 150 crore by IAF Series 5, a fund managed by ICICI Venture. Libas has fast-tracked its growth to become a leading force in the online fashion segment, captivating customers with its dynamic product range and innovative digital touchpoints. The latest funding round comes on the heels of Libas’ remarkable financial performance, with the bootstrapped brand crossing the coveted rupees 500 crore revenue mark in FY24 under the visionary leadership of Sidhant Keshwani and Sunil Keshwani.
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 key metros and tier 1/2/3 cities over the next few years. Libas plans to leverage its brand, design capabilities, technology infrastructure, supply chain network across channels to create true omnichannel business.
Speaking about the fundraise, Libas founder and CEO Sidhant Keshwani said, “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. 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.”
“Libas under the leadership of Sidhant and Sunil Keshwani, through its focus on product quality, design and fast fashion, has become a well-established apparel brand for Indian women consumers. 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 in the Indian market. The industry is expected to see organised players with focus on branding and omnichannel customer experience become brands of choice for the consumers,” said ICICI Venture senior director, private equity Gagandeep S Chhina.
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. Notably, a significant portion of the revenue comes from the brand’s own D2C channels. Recently, the brand also announced Bollywood actress Kiara Advani as its brand ambassador. The campaign featuring Kiara Advani, titled ‘There’s Always a Libas’ has been widely praised for showcasing the brand’s commitment to versatility and inclusivity.
With a proven track record of success and a clear vision for the future, Libas is all set to redefine the retail experience and set new benchmarks of excellence in the industry.
KPMG acted as the exclusive transaction advisor to Libas.
JSA acted as the legal advisor to IAF Series 5, a fund managed by ICICI Venture.
Brands
FSS names Anand Krishnamurthi head of global digital delivery
Tech veteran to drive AI-first, cloud-led transformation in payments globally
CHENNAI: Financial Software and Systems (FSS), an AI-first payment infrastructure company, has appointed Anand Krishnamurthi as head of global digital delivery.
In his new role, Anand Krishnamurthi will lead FSS’s global digital delivery capabilities, focusing on AI-first and cloud-led transformation while ensuring predictable, high-quality outcomes for customers worldwide. He will be based in Chennai and report to V. Balasubramanian, CEO of FSS.
Bringing 28 years of experience in technology and digital transformation across banking, capital markets, financial services, and insurance, Anand has held senior leadership positions at Cognizant and NuSummit. He is recognised for scaling multi-geography delivery teams, leading mission-critical platforms, and embedding AI-driven automation in complex, regulated environments.
“What drew me to FSS is its deep payments expertise, strong product DNA, and the scale at which its platforms power real-world financial ecosystems,” said Anand Krishnamurthi. “I aim to strengthen delivery predictability, execution rigor, and engineering quality, building empowered teams that deliver measurable customer outcomes. FSS has a unique opportunity to create real-time, AI-infused payments infrastructure that is resilient, secure, and globally scalable.”
V. Balasubramanian added, “Anand’s track record in leading multi-geography delivery programs and AI-first operating models makes him the ideal leader for FSS as we accelerate our AI-driven digital payments business. His leadership will help us raise the bar for outcomes globally.”
This appointment is part of FSS’s broader push to build an AI-powered, cloud-native delivery organisation capable of meeting the evolving needs of banks, fintechs, and financial institutions worldwide.
