"The investment includes a primary fund raise and provides an exit to the existing investor, Future Lifestyle Fashions Ltd. The transaction is the largest private equity investment in the Indian ethnic wear market," Biba said in a statement.
On November 12 this year, Future Lifestyle Fashion Ltd (FLFL), part of Kishore Biyani-led Future Group, had divested its minority stakes in Biba Apparels.
Commenting on the development, BIBA Managing Director Siddharath Bindra 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."
Warburg Pincus Managing Director and Co-head India Vishal Mahadevia said: "Warburg Pincus' investment in BIBA reflects its recognition of the company's high-quality management team led by Siddharath Bindra. We are excited to partner with BIBA'S management team as they continue to grow the business going forward."
BIBA Apparels, which was established in 1986, has over 330 sales points across the country.