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
Dunkin’ Donuts to exit India as Jubilant FoodWorks ends 15-year franchise deal
The quick service restaurant giant is ending a 15-year franchise partnership with the American doughnut chain, even as it renews its Domino’s agreement for another 15 years
NOIDA: Dunkin’ is done in India. Jubilant FoodWorks Ltd, the country’s leading quick service restaurant operator, has decided not to renew its franchise agreement with the American coffee and doughnut chain, and will wind down its Indian stores in a phased manner before December 31, 2026, bringing a 15-year partnership to a quiet, loss-laden close.
The decision, approved by JFL’s board on March 30, 2026, ends a relationship that began with a Multiple Unit Development Franchise Agreement signed on February 24, 2011. JFL will now evaluate and undertake what it described in a regulatory filing as the “rationalisation and/or cessation of certain operations and/or sale, transfer or disposal of assets and/or assignment or transfer of franchise rights,” all in consultation with Dunkin’s brand owners and strictly within the terms of the original agreement.
The numbers tell the story bluntly. In the financial year 2024-25, Dunkin’ India posted a revenue of Rs 37 crore against a loss of Rs 19 crore — a haemorrhage that was always going to test the patience of a parent company recording revenues of Rs 6,104 crore and a profit of Rs 194 crore in the same period. Doughnuts, it turns out, were never going to move the needle.
The contrast with JFL’s handling of its other marquee franchise could hardly be sharper. Even as it walks away from Dunkin’, the company has just doubled down on Domino’s, signing a fresh Master Franchise Agreement on March 31, 2026, granting it exclusive rights to develop and operate Domino’s Pizza stores in India for 15 years, with an option to renew for a further 10.
JFL, incorporated in 1995 and promoted by the Bharatia family, operates a network of more than 3,500 stores across six markets — India, Turkey, Bangladesh, Sri Lanka, Azerbaijan and Georgia. Its portfolio includes Domino’s and Popeyes on the global side, and two home-grown brands: Hong’s Kitchen and COFFY, a café brand in Turkey.
For Dunkin’, India was always a stretch. The brand never quite cracked the cultural code in a market where filter coffee and chai command fierce loyalty and where the doughnut remains, at best, an occasional indulgence rather than a daily habit. Fifteen years, mounting losses and a parent with better things to spend its capital on was always going to be a difficult equation to solve.
The doughnut has had its last day. The pizza, however, is staying.
