Indian women’s ethnic wear brand Biba has received an investment worth Rs 3 billion (US$48.8 million) from PE firms Warburg Pincus and Faering Capital.

The transaction is the largest private equity investment in the Indian ethnic wear market to date.

Established in 1986, Biba has over 330 points of presence across exclusive brand outlets, shop in shops and e-commerce portals across the country.

“This 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,” said Biba in a statement.

Biba plans to expand its distribution network and strengthen its presence in the higher-end of the category through new product launches and JVs with acclaimed designers. It also plans to launch a value brand to enhance its presence at lower price points.

“Warburg Pincus’ investment in Biba reflects its recognition of the company’s high-quality management team led by Siddharath Bindra. Over the last two decades, Biba has built a leading women’s ethnic wear brand in an industry that continues to demonstrate positive growth trends,” said Vishal Mahadevia, MD and co-head India, Warburg Pincus.