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
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI: Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
