Big news in Indian retail and fashion space, Kiaasa Retail, a well known ethnic wear brand has filed its Draft Red Herring Prospectus (DRHP) with SEBI to go for an Initial Public Offering (IPO). Kiaasa Retail IPO will be a fresh issue of up to 55,00,000 equity shares.
Kiaasa Retail IPO: Offer Details and Promoters
The issue will be managed by Expert Global Consultants as the Book Running Lead Manager and Purva Sharegistry (India) as the Registrar to the Issue. The equity shares will be listed on BSE SME. The company is promoted by Mr. Om Prakash and Mr. Amit Chauhan who took over the brand in March 2021 and brought in a new era of growth.
Company Overview
Kiaasa Retail started in April 2018 as an ethnic wear brand for women, Kiaasa has a wide range of products like salwar kameez, lehengas, kurtis, gowns, dresses, jewellery, handbags and more. It caters to the dynamic and ever changing needs of Indian women by blending traditional with contemporary fashion. First store was launched in Kamla Nagar, Delhi in June 2018. As of 28th Feb 2025 it has over 113 Exclusive Brand Outlets (EBOs) across 70 cities, with three business models Franchise Owned Franchise Operated (FOFO), Franchise Invested Company Operated (FICO), and Company Owned Company Operated (COCO).
Kiaasa Retail has built a growing online presence through its own platform and strategic partnerships. By December 2024, the brand was actively selling on Flipkart and Amazon, with later expansion to Myntra and Limeroad by February 2025.
Retail Strategy and Store Network
Kiaasa Retail has strategically scaled its physical presence while adopting an omni-channel approach. In October 2022, it started integrating its physical stores with online platforms. Its ‘store-goes-online’ model—launched in Noida and Faridabad—has grown to 25 stores across 20 cities as of Sept 2023. To go deeper into tier 2 and 3 markets, Kiaasa Retail launched its ‘Nine99 Store’ format in Dec 2023 where all products are under INR 999.
The store model breakdown as of 28 February 2025 is as follows:
- COCO: 18 stores
- FICO: 80 stores
- FOFO: 15 stores
Key Milestones
Some of the notable achievements in Kiaasa’s journey include:
- June 2018: First store in Kamla Nagar, Delhi
- September 2021: 50th store launched in Vadodara
- March 2022: 100th store opened in Faridabad
- December 2021 – February 2022: Acquisitions of U-Women and LAABHA
- January 2023: Test launch of ‘store-goes-online’ model
- August 2023: Actress Kanika Maan signed as brand ambassador
- May 2024: Rebranding initiative launched with updated logo and identity
Financial Performance
Kiaasa Retail has demonstrated strong financial growth, especially in the B2C segment. The financial snapshot is as follows:
| Particulars | FY 2022 | FY 2023 | FY 2024 | 11M FY 2025 |
| B2B | 8.75 | 31.29 | 21.17 | 25.72 |
| B2C | 17.58 | 18.49 | 63.19 | 80.75 |
| Revenue | – | 0.26 | 0.68 | 1.19 |
| Total | 26.33 | 50.04 | 85.04 | 107.66 |
Key Metrics: As of FY 2024
- Revenue Growth: 69.94%
- EBITDA: INR 10.01 crore (11.77% margin)
- PAT Margin: 6.75%
- Net Worth: INR 12.71 crore
- Debt-to-Equity: 1.25x (improved from 31.19x in FY 2022)
- Return on Net Worth: 45.19%
- Return on Capital Employed: 33.23%
These numbers are looking good, margins are improving, debt is reducing and profitability is increasing.
Conclusion
Kiaasa Retail IPO filing is a big milestone for the brand as it looks to go wider, more online and national. With a steady growth, solid retail footprint and growing digital presence, Kiaasa is all set to be a big player in Indian ethnic fashion.
Over the past three months, the SME IPO landscape has witnessed the listing of 51 IPOs in the primary market, collectively raising INR 2,358.49 crore. Out of these, 22 IPOs debuted in the red. Despite this, the average listing return across all SME IPOs stood at a healthy 12.54%. Capital Numbers Infotech emerged as the largest IPO during this period, with an issue size of INR 169.37 crore. In contrast, Avax Apparels was the smallest offering, raising just INR 1.92 crore. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.