🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
✕
Login
Home
News
Messages
Startup Showcase
Trackers
Premium
Premium Content
Jobs
Notifications
Settings
Try our Valuation Calculator →
Log In
News on Medial
Libas raises $18 Mn in maiden external round from ICICI Venture’s fund
Entrackr
·
1y ago
Medial
Fast fashion omnichannel ethnic wear brand Libas has raised Rs 150 crore ($18 million) by IAF Series 5, a fund managed by ICICI Venture. This is the first external funding round for the decade-old company. Libas will strengthen its omni-channel presence and ramp up its exclusive brand and retail outlets across key metros and tier I, II, and III cities over the next few years, the company said in a press release. Libas also plans to leverage its brand, design capabilities, technology infrastructure, and supply chain network across channels to create the omnichannel business. Led by Sidhant Keshwani, Libas offers ethnic wear and comfortable fusion silhouettes with an online presence on platforms such as Flipkart and Myntra, alongside offline presence through EBOs, large format stores and multi-brand outlets. It solely focuses on women’s fashion. According to the Delhi-based company, a significant portion of the revenue comes from the brand’s own D2C channels. Recently, the brand announced Bollywood actress Kiara Advani as its brand ambassador. Libas claims that it crossed Rs 500 crore revenue mark in FY24 and the projection seems pretty much feasible as the firm posted Rs 365 crore in operating revenue in the fiscal year ending March 2023. During the same period, its profit stood at Rs 13.8 crore. Several fast fashion brands have raised funds in the past couple of years. The list counts Newme, DSLR, French Crown and Virgio, a startup launched by former Myntra’s CEO Amar Nagaram. As per a media report, Virgio was planning to return most of the capital it raised from the investors after a failed pivot.
View Source
Related News
IPO-bound Unimech Aerospace raises $30 Mn in maiden funding
Entrackr
·
1y ago
Medial
Unimech Aerospace has raised Rs 250 crore ($30 million) from Steadview Capital Mauritius Limited, ValueQuest Scale Fund, and Evolvence India Fund IV Ltd as a part of its private placement round. This is the maiden funding round for the Bengaluru-based company since its inception in 2016. As per the company, it has raised the funds at a post-money valuation of Rs 3,250 crore ($390 million). The proceeds will be used to pursue both organic and inorganic growth and refine products, the company said in a press release. Led by Anil Puthan, Unimech Aerospace specializes in manufacturing of high precision tooling for aero-engines and airframes, along with complex high precision components, assemblies, and for the aerospace, defence, energy, and semiconductor industries. Its key clients include top aerospace, energy, defence and semiconductor OEMs. The firm has also established itself as an export-oriented company with a presence in the USA, Europe, and the United Kingdom. For the fiscal year ended in March 2023(FY23), Unimech’s revenue jumped to Rs 28 crore from Rs 16 crore while it maintained its profitability with Rs 2.81 crore in FY23 from Rs 1.69 crore in FY22. Unimech claims to have grown to over Rs 200 crore ($24 million) in revenue by FY24. The company also said that it is in the process of filing a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India. Since January 2021, 26 tech startups have gone public and Unimech will become the first venture funded aerospace manufacturing company to go public in India. In the last couple of months, several established startups and companies have raised their maiden external or venture capital funding. The list includes workspace solution provider Incuspaze, ethnic wear brand Libas, consumer electronics startup Indkal, and performance wear brand TechnoSport.
View Source
Rare Rabbit raises $18 Mn from A91 Partners, Zerodha founders’ fund, others
Entrackr
·
1y ago
Medial
New-age fashion brand Rare Rabbit has raised Rs 150 crore (approximately $18 million) in primary capital led by A91 Partners. This is the maiden institutional investment for a Bengaluru-based company since its inception in 2015. The board at Rare Rabbit has passed a special resolution to issue 69,230 compulsory convertible preference shares at an issue price of Rs 21,670 each to raise Rs 150 crore, its regulatory filings accessed from the Registrar of Companies show. A91 Partners led the round with Rs 102 crore while Zerodha’s founders NKSquared injected Rs 29 crore. Gruhas Proptech, Ravi Modi Family Trust, and Vendant Modi cumulatively participated with Rs 18.92 crore during the investment. As per TheKredible’s estimates, the company has been valued at around Rs 2,350 crore or $283 million post-allotment. Following the fresh proceeds, the A91 emerging fund will hold 9.65% of the capital while NKSquared and Ravi Modi Family Trust will get 4.15% and 2.13% of the stake in the company, the filing further added. This appears to be a part of a larger round as Rare Rabbit was in talks to raise Rs 500 crore led by A91 partners. Inc42 reported the development first. Rare Rabbit is a high-end fashion brand specializing in designer clothing for men and women. The brand operates more than 100 stores across India and offers collections through its online store. Rare Rabbit demonstrated rapid growth, which is evident from its revenue that scaled 72.3% to Rs 381 crore in FY23 with a positive bottom line of Rs 32 crore in FY23. The company reportedly clocked a revenue of Rs 600 crore in FY24. Rare Rabbit competes with brands like Souled Store, which raised around $29 million and achieved a revenue of Rs 235 crore in FY23. Its other competitors Snitch and WROGN also raised $13 million and $15 million in December 2023 and June respectively. In the past couple of months, a clutch of fashion and apparel brands have raised their maiden institutional round. In May, A91 Partners led a $21 million round in TechnoSport whereas Libas raised $18 million led by ICICI Venture’s fund.
View Source
ICICI Venture bets on fast fashion brand Libas
VCCircle
·
1y ago
Medial
ICICI Venture, the private equity arm of ICICI Bank, has invested Rs 150 crore ($18 million) in fast fashion brand Libas. The funding will be used to strengthen Libas' omni-channel presence and expand its brand and retail outlets across key cities. Libas, which started in 1985 and rebranded as a direct-to-consumer fast fashion brand in 2014, offers ethnic wear and fusion silhouettes for modern Indian women. The company generated over Rs 500 crore in revenue during FY24 and has a presence on e-commerce platforms like Flipkart and Myntra.
View Source
Paventsone VC raises nearly $100 mn in maiden outing
VCCircle
·
8m ago
Medial
Hyderabad-based venture capital firm Pavestone VC has closed its maiden fund, Pavestone Technology Fund, with a corpus of $97 million. The fund received commitments from large family offices and domestic and international institutional investors, including the Self-Reliant India (SRI) Fund and the family office of Mankind Pharma promoters. Pavestone VC focuses on investing in early- and growth-stage companies that solve problems for large enterprises in the B2B space and also selectively invests in early-stage companies in advanced technologies. The firm has already invested in five companies and aims to build a portfolio of about 18 companies.
View Source
JCB Salons India raises Rs 40 Cr from Blacksoil for strategic expansion
Entrackr
·
1y ago
Medial
Salon chain JCB (Jean Claude Biguine) Salons India has raised Rs 40 crore ($4.8 million) from alternative credit platform Blacksoil. JCB Salons has utilised the funds to acquire Spalon, a homegrown salon chain, for expansion into South India, the company said in a press release. The capital will also be used for working capital and creating operational efficiencies for the group. Launched in 2006 in India, JCB Salons operates around 18 salons in Mumbai, Pune, and Bengaluru. The company claims to serve 1,500 customers per month. Globally, it runs operations in 20 countries with 400 salons and spas. Spalon is a spa and salon brand with over 27 branches across Southern India. Combining JCB’s expertise and Spalon’s understanding of the domestic market, the joint entity eyes a foothold in West and South India markets. In February last year, JCB Salon’s long time chief executive Samir Srivastav quit the company to join Looks Salon as CEO. JCB Salons raised Rs 157 crore (nearly $19 million) to date and counts RARE Enterprises, the investment arm of late Rakesh Jhunjhunwala as a key investor. JCB Salon India saw its operating revenue increase to Rs 50.66 crore in FY23 from Rs 34.63 crore in FY22. During the period, the firm turned profitable with Rs 1 crore profit from Rs 57 lakh loss in the previous fiscal year. As per the company, it achieved 5-6% year-on-year growth in FY24. However, the company is yet to file audited annual financial statements for the last financial year. As per industry reports, the Indian beauty market is projected to reach approximately $580 billion by 2027, with an estimated growth of 6% annually. Of late, a clutch of legacy and established businesses have raised strategic money from institutional investors. In May, 17-year-old performance wear brand TechnoSport raised $21 million from A91 Partners in its first external fundraise. In the same month, fast fashion omnichannel ethnic wear brand Libas also raised $18 million by ICICI Venture’s fund IAF Series 5 in its maiden external funding.
View Source
ICICI Venture to beef up debut VC fund’s war chest, starts building portfolio
VCCircle
·
5m ago
Medial
ICICI Venture plans to expand its inaugural venture capital fund by up to 50% from its initial target in the coming months. As it aims to scale up, the firm is actively deploying the capital raised so far. This move is part of ICICI Venture’s strategy to strengthen its financial base and build a robust portfolio, as shared by a source familiar with the investment firm's strategy.
View Source
Co-working startup Incuspaze raises $8 Mn in maiden funding
Entrackr
·
1y ago
Medial
Workspace solution provider Incuspaze has raised around $8 million led by the India Inflection Opportunity Fund (IIOF) and other financial institutions in its maiden funding round. This strategic investment will beef up Incuspaze’s capabilities to provide top-tier workspace solutions to enterprises, MSMEs, and startups, the company said in a statement. Incuspaze claims that it has a portfolio of 3 million square feet in 18 cities across 44 locations. The firm recently leased 220,000 square feet of space in Gurugram’s M3M Urbana project. Led by Sanjay Choudhary, the eight-year-old firm aims to expand its portfolio in southern India, with a focus on Bengaluru, Chennai and Hyderabad. PhonePe, Byju’s, Flipkart, and Girnarsoft, among others are its top clients. For the fiscal year ending in March 2023 (FY23), Incuspaze reported a more than three fold jump in its operating revenue to Rs 50 crore against Rs 14.84 crore in FY22. During FY23, it managed to cut losses to Rs 98 lakh from Rs 5 crore. Incuspaze is yet to file its annual report for the last fiscal year (FY24). According to a June 2024 report by property consultancy Colliers, the flexible office space segment across the top-6 cities in India registered its highest ever quarterly demand in the April-June period. Bengaluru and Delhi-NCR alone accounted for 65% of the overall demand. In November last year, Pantomath Financial Services Group closed its pre-IPO fund called the India Inflection Opportunity Fund (IIOF) at $60 million. While Incuspaze has not commented on its IPO plans, the strategic money from the IIOF hints at a definitive public listing roadmap as the investment firm majorly invests in IPO-bound companies. In the co-working space, Awfis became the first Indian startup to get listed on the stock exchange. Recently, another co-working startup Smartworks took a step towards potential public listing and converted itself into a public company. Entrackr exclusively reported the development in the first half of July.
View Source
Hero Enterprise-backed Corvi LED raises $8 Mn in Series B
Entrackr
·
1y ago
Medial
Consumer lighting company Corvi LED has raised $8 million in a growth capital round led by Enam Investments. The fresh funding has come after a hiatus of seven years for the Mumbai-based firm. This infusion will allow Corvi LED to expand into new geographies, diversify its product portfolio, and refine its technological capabilities, the company said in a press release. Corvi LED will also strengthen its market presence in B2C and B2B segments and is set to introduce a range of new LED products that meet the modern demand. Founded in 2012 by Vimal Soni, Corvi offers a portfolio of more than 100 products spanning across 7 categories like bulbs, tubes, flat, surface and others. As per the company, it has set global benchmarks with top efficiency ratings and features such as eliminating metal bodies, drivers, and heat sinks. The company claims to hold over 100 patents and registrations and has exported to 24 countries across Europe, the Middle East, Africa and South-East Asia. In 2017, Hero Enterprise had invested $10 million for a significant stake in Corvi LED Light. For the fiscal year ending in March 2023 (FY23), Corvi reported a minor decline in operating revenue to Rs 15.5 crore from Rs 16.65 crore in FY22. During the period, its losses increased to Rs 9.74 crore from Rs 7.41 crore. The firm is yet to file its annual financial statements for FY24. In the past couple of months, a clutch of established companies announced raising strategic money after a long gap or their maiden fundraise. In May, 17-year-old performance wear brand TechnoSport raised $21 million from A91 Partners in its first external fundraise while fast fashion omnichannel ethnic wear brand Libas also raised $18 million in its first ever external financing. Last month, 18-year-old Salon chain JCB (Jean Claude Biguine) Salons India raised Rs 40 crore ($4.8 million) from alternative credit platform Blacksoil. Around the same time, consumer electronics startup Indkal also announced $36 million in its first venture capital funding.
View Source
SenseAI floats $25 Mn maiden VC fund to back Indian AI startups
Inc42
·
1y ago
Medial
SenseAI Ventures has launched its first venture capital fund with a target corpus of INR 200 Cr ($25 Mn) to invest in Indian AI startups. The fund aims to support 18-20 AI-first startups from seed to Pre-Series A stages, with plans for follow-on investments. SenseAI Ventures already has a portfolio of 12 startups in AI SaaS, AI B2C, and AI Tools sectors. The generative AI market in India is expected to grow from $1.1 billion in 2023 to over $17 billion by 2030, creating significant opportunities for AI startups.
View Source
Verod-Kepple Africa Ventures raises $60 mn for maiden fund
VCCircle
·
1y ago
Medial
Pan-African venture capital firm Verod-Kepple Africa Ventures (VKAV) has closed its maiden fund at $60 million. The Lagos-based VC firm, a joint venture between Verod Holdings and Kepple Africa Ventures, will use the funding to invest in growth-stage tech-enabled startups across the continent. The fund's focus areas include digital infrastructure, inefficiency solvers, and market creators. VKAV has already invested in 12 companies, including Moove Africa and KOKO Networks. The final close of the fund comes after securing commitments from new limited partners, including Nigeria's SCM Capital and institutional investors from Japan.
View Source
Trackers
Active Indian VC’s
OG Capital
Email
With a hands-on approach, OG Capital aims to invest in over 20 promising...
Accel Partners
Email
Early and growth-stage investments in disruptive technology companies with...
Blume
Email
Early-stage venture capital firm investing in technology startups in India. Focus on...
Access All Trackers
Startup Showcase Winners
June 2025
Buddy
Helping your parents when you are miles away
BiteStop
The Pit Stop Your Cravings Deserve
Bloomer
The next generation E-commerce platform
Enter Ongoing Startup Showcase
Top Users
Trending News on Medial
Download the medial app to read full posts, comements and news.
Go to Medial App
Not Now
Know everything that’s happening in the startup ecosystem, first.
Enable Notifications?
No, thanks
Count me in