Warburg Pincus and Faering Capital have invested approximately Rs 300 crore in BIBA Apparels, the women and girls’ ethnic wear retailer. The investment includes a primary fund raise and provides an exit to the existing investor, Future Lifestyle Fashions. According to the Biba officials, the investment will enable the company to evolve into a “Fashion House” catering to all ethnic wear requirements of women and girls across income levels, in India and abroad. Biba plans to expand its distribution network and strengthen its presence in the higher-end fashion category through new product launches and JVs with designers. It also plans to launch a value brand to enhance its presence at lower price points.
Speaking on the occasion, Siddharath Bindra, Managing Director, Biba, said: “I am very happy to be able to provide a healthy exit to Future Lifestyle Fashions Limited, who has been an excellent partner to the company so far. I am also very excited to now have as partners Warburg Pincus and Faering Capital, as we scale up Biba to the next level.”
Commenting on the development, Kishore Biyani, Group CEO, Future Group, stated: “We have had an exciting journey being part of the growth of Biba being led by the entrepreneurial energy of Meena Bindra and Siddharath Bindra and we are happy that the brand will now have the support and expertise of Warburg Pincus & Faering Capital to take it to the next level. India is just witnessing the emergence of large fashion brands and we are quite sure Biba will play a major role in this journey in the years to come.”
Vishal Mahadevia, Managing Director and Co-head India, Warburg Pincus, said that Warburg Pincus’ investment in Biba reflects its recognition of the company’s high-quality management team led by Siddharath Bindra. He further added that the company is excited to partner with Biba’s management team.”
Sameer Shroff, Managing Director and Co-founder, Faering Capital, said: “Siddharath Bindra and the team at Biba have built a fantastic market-leading brand and a high-quality organisation that is poised to further capitalize on the growth of branded women/girls’ ethnic wear in the country. We look forward to partnering with them in their next phase of growth.”
Established in 1986, BIBA Apparels claims to be one of the largest organised women and girls’ ethnic wear manufacturers in India with over 330 points of presence across exclusive brand outlets, shop-in-shops and e-commerce portals across the country.
Warburg Pincus is a global private equity firm focused on growth investing. Founded in 1966, it has raised 13 private equity funds which have invested more than US$45 billion in over 675 companies in more than 35 countries.
Faering Capital is a boutique Indian asset management firm founded by Aditya Parekh and Sameer Shroff. The firm currently manages a Rs 865 crore domestic private equity fund (Faering Capital India Evolving Fund) that aims to capitalise on investment opportunities generated through broad-based consumption-led growth in India by investing in companies and becoming a collaborative partner in their growth journey. Biba is Faering Capital’s seventh investment from this fund.