Ethnic wear brands are gaining prominence among young working professionals and, in the process, attracting investor interest. This and more in today’s ETtech Morning Dispatch. Also in this letter: ■ Indian techies lead cricket culture in US ■ Govt to review IndiaAI Mission progress ■ Simplilearn’s FY25 revenue target Winning design: As Gen Z shoppers take fancy to Indian wear, venture investors look to stitch deals Libas founder and CEO Sidhant Keshwani Ethnic wear brands specialising in Indian wear like sarees and kurtas are gaining popularity among the Gen Z population.
This trend has now piqued the interest of venture investors. Let’s dive in: Driving the news: New-age brands focused on GenZ (born between 1997-2012) include: Libas, which raised Rs 150 crore from ICICI Venture last month Koskii, which secured Rs 61 crore last year from Baring PE Bootstrapped firm Suta, which is aiming to close FY25 with Rs 100 crore in revenue Fashor, which is also nearing the Rs 100-crore revenue mark Truebrowns, which is owned by ecommerce roll-up company Goat Brand Labs Growing market: The branded Indian ethnic wear market is estimated to be worth Rs 30,000-35,000 crore in size, growing at 20-25%, as per industry sources. However, with the unorganised market for Indian wear accounting for nearly 80% of the industry, the headroom for growth is massive.
“We never thought that GenZ consumers would be a market. So many GenZs wear sarees now,” said Suta cofounder Sujata Biswa.