Biba is one of the oldest names in Indian women’s ethnic wear and one of the easiest to check. On 7 September 2026 its Myntra brand page held 4,095 listings, its own shop 3,756 products, and every statutory declaration read across four shopping sites named the same company.
The harder question is who stands behind that company. Biba filed a draft prospectus with the market regulator in April 2022, and it sets out the shareholding line by line — which is why a brand usually described as private-equity backed is filed here as independent.
There is a company behind this brand and a shopper can see it on the listing. BIBA Fashion Limited is the declared manufacturer on every record read and the seller on 2,324 of 4,064 Myntra listings; a third-party seller has most of the rest.
The last figures published put the founding family’s group at 64.75% and the two private-equity funds together at 33.93%. A minority holding is not ownership, so the investors are named here and the brand is not filed as theirs.
Price: 4,064 Myntra listings, 77.3% reduced, 65.6% of MRP in aggregate, median charged ₹1,749, read 7 September 2026. The brand’s own site is dearer.
- The company answerable
- BIBA Fashion Limited, CIN U74110HR2002PLC083029, incorporated July 2002, Registrar of Companies, Delhi & Haryana, unlisted
- Registered and corporate office
- 13th Floor, Capital Cyber Scape, Sector-59, Golf Course Extension Road, Gurugram 122102, Haryana
- Shareholding, last published
- Promoter and Promoter Group 64.75%, public 35.26%, 12,50,62,833 shares — the company’s own pattern as at 31 December 2022
- The private-equity holders
- Highdell Investment Ltd 29.46% and Faering Capital India Evolving Fund 4.47% — draft prospectus, 11 April 2022
- Seller of record
- BIBA Fashion Limited on 2,324 of 4,064 Myntra listings, Flashstar Commerce on 1,715, read 7 September 2026
- Catalogue size
- Myntra 4,095 · biba.in 3,756 · Nykaa Fashion 2,618 · Tata CLiQ 2,336 · Ajio 2,225 — all 7 September 2026
- Price band
- MRP ₹399 to ₹27,950; median MRP ₹2,799, median charged ₹1,749 across 4,064 Myntra listings, 7 September 2026
- Country of origin
- India on 162 of 162 declarations read across four sites, and on all 4,095 listings by Myntra’s own origin facet
- Stores
- 427 exclusive outlets at 31 December 2021 (prospectus) · 405 at 31 March 2025 (ICRA) · 499 Indian records on the brand’s locator, 7 September 2026
Who owns Biba
The draft red herring prospectus is dated 11 April 2022 and was filed with the Securities and Exchange Board of India on 12 April 2022. Its pre-Offer shareholding table is the only line-by-line account of who holds what, and seven names cover 98.68% of the equity.
| Holder | Shares | Share of pre-Offer equity |
|---|---|---|
| Siddharath Bindra (Promoter) | 5,65,01,213 | 45.18% |
| Dhanvan Impex LLP | 1,00,00,000 | 8.00% |
| Meena Bindra (Promoter) | 64,78,633 | 5.18% |
| Kaveri Tradex Private Limited | 42,36,737 | 3.39% |
| Shradha Bindra (Promoter) | 37,50,000 | 3.00% |
| Highdell Investment Ltd | 3,68,47,750 | 29.46% |
| Faering Capital India Evolving Fund | 55,86,250 | 4.47% |
Draft red herring prospectus, BIBA Fashion Limited, dated 11 April 2022, filed 12 April 2022.
The company’s own shareholding pattern, dated 31 December 2022 and published on its investor information page, splits the same register differently: Promoter and Promoter Group, five shareholders, 64.75%; public, six shareholders, 35.26%; 12,50,62,833 shares in all, under ISIN INE157K01027. The two accounts agree.
So the private-equity side comes to 33.93% against the family group’s 64.75%, and no filing read here records a change of control. That is why this page calls Biba independent and names Warburg Pincus in the body instead: a minority stake is money in the business, not the business.
The prospectus is direct about it, describing “marquee investors, such as Highdell Investment Ltd, an affiliate of the Warburg Pincus Group, and Faering Capital India Evolving Fund” and saying “Since 2013, we have been supported by private equity investors”. Its share-capital history dates the mechanism: transfers to both funds on 20 September 2013, a small fresh issue of 8,938 shares to Faering the same day, and a further transfer to Highdell on 23 June 2015. Faering Capital’s own site dates the announcement 5 December 2013 at ₹300 crore, providing an exit to Future Lifestyle Fashion, which had held about 18%. Both dates stand as the record leaves them, unexplained.
Every ownership percentage above is a figure from December 2022 or April 2022. Nothing later exists on anything published, so read them as of those dates and not as today’s.
Warburg Pincus’s investments page carried Biba on 7 September 2026, giving the year invested as 2013 with no stake or amount attached. A portfolio page lists investments a firm has made, not what it holds today. No exit was found either. The offer has not happened: it was to be a fresh issue of up to ₹90 crore plus an offer for sale of 2,77,62,010 shares, 1,84,23,875 of them Highdell’s. Trade press reported in August 2022 that the regulator kept issuance of observations in abeyance; whether it lapsed, was withdrawn or was refiled is not on anything read here.
Three names for one company
- BIBA Apparels Private LimitedIncorporated July 2002, registered in Mumbai
- Converted to a public limited companyGeneral meeting 11 February 2022, certificate 2 March 2022
- BIBA Fashion LimitedGeneral meeting 15 March 2022, certificate 25 March 2022
The prospectus gives the reason for the second change as an intention to widen the product range. Four years on, all three names are in circulation on the shopping sites.
Is there a company behind the brand?
On Myntra the question is answerable on one product record: the declared manufacturer and the seller of record sit on the same page. Across 4,064 of the 4,095 listings, BIBA Fashion Limited is the seller on 2,324 (57.2%) and Flashstar Commerce on 1,715 (42.2%); 25 carried no seller name. In a sample of 120 read one at a time, Biba’s company sells alone on 66, both appear on 43, Flashstar Commerce alone on 11.
Flashstar Commerce is not a Biba company. Myntra gives its display name as Savan Retailers Private Limited on all 54 occurrences in that sample, at a Connaught Place address in New Delhi — a third-party seller, and nothing beyond the name and address was established about it.
The contrast is with a name that has no company behind it at all. Anouk, read the same week, showed 207 declared manufacturers and 167 sellers across 450 listings, with Myntra Designs named on none. Biba has one company declared on every record read, and that company sells most of them; only Libas gave a tighter answer that week. Myntra’s records also carry an attribute marking a brand as one of its own house of brands, and on all 120 Biba records it is off — the platform’s classification of its own catalogue, not a trade-mark record, and the ownership answer above rests on the filings rather than on it.
One consequence for a shopper. On the eight sampled listings where both sellers quoted a price for the first size, the two differed on all eight — Biba’s own company cheaper on five, the widest gap ₹441 on an MRP of ₹4,299. Eight is a small sample and is printed as eight, but the seller’s name sits on the buy box and is worth a look.
What Biba costs in India
Across 4,064 Myntra listings read on 7 September 2026, 3,143 were reduced below MRP (77.3%), 921 sat at MRP and none above. In aggregate the catalogue charged 65.6% of MRP, with a median MRP of ₹2,799, a median price charged of ₹1,749 and a median reduction of 43%.
MRP is a maximum, not a price, and a percentage off it says nothing until you know what it is off. The shape of the ladder is more useful. Those 4,064 listings carry only 96 distinct MRPs between them, 3,268 ending in 99, and 47 discount percentages running from 2% to 68% with gaps at 3, 5, 8, 11 to 13, 15, 17 to 19, 21 to 24, 26, 32, 33, 54, 64 and 67. The commonest are 50% off on 541 listings and 52% on 475. W for Woman’s ladder over a comparable catalogue runs every integer from 1% to 69%. These are grids, not garment-by-garment pricing.
| Where | Listings read | Reduced | Charged, as % of MRP | Median MRP → charged | Discount rungs |
|---|---|---|---|---|---|
| Myntra | 4,064 of 4,095 | 77.3% | 65.6% | ₹2,799 → ₹1,749 | 47, from 2% to 68% |
| biba.in | 3,756 | 72.4% | 71.2% | ₹2,599 → ₹1,999 | 17, from 20% to 70% |
| Ajio | 2,015 of 2,225 | 68.9% | 69.7% | ₹2,599 → ₹1,819 | 18, from 20% to 83% |
All read 7 September 2026. Tata CLiQ’s discount facet the same day put 1,146 of its Biba items in the 50–70% band. Nykaa Fashion listed 2,618.
The brand’s own shop is the dearest of the three and prices off the tightest grid — 71.2% of MRP against Myntra’s 65.6%, seventeen discount rungs against forty-seven. That runs the other way from several ethnic-wear brands read the same day, and is worth knowing before assuming a brand store is cheapest. biba.in does carry a permanent sale department, 2,649 products under sale and 2,565 under an end-of-season heading, and one product page read in full matched its tile exactly: a suit set at MRP ₹7,995 reduced to ₹5,197, shown as 35% off.
Nothing here is imported, which answers the usual question about Indian pricing. Origin was declared India on all 162 statutory declarations read, and on all 4,095 Myntra listings by that site’s own facet. The customs stack that lifts a foreign brand’s Indian price — 20% basic duty plus an 18.5% cess, neither recoverable — is not inside these prices at all. What sits between ₹2,799 and ₹1,749 is manufacturing, margin and discount policy.
A countdown with no beginning
Of the 120 records read in full, 92 carried a discount labelled “OFFER ENDS IN” and 28 carried no discount at all. On every one of the 92 the field holding the offer’s start time reads zero: an end, and no beginning. Between them they carry 89 distinct end times, all between 2.42 am and 3.20 am on 8 September — a 38-minute window, ten to eleven hours after the listings were read.
On the same listings, 96 of the first 100 carried a coupon dated 10 and 11 October 2026, a month away. That is not a Biba habit: the same coupon sat that afternoon on 100 of 100 W for Woman listings, 99 Aurelia, 98 Soch, 95 Global Desi, 93 Libas and 86 Anouk. It distinguishes nothing, and matters only for what it sits beside.
An offer that ends tonight and a coupon that runs to October sit on the same listing.
Uniqlo, read the day before, showed the mirror image: sale flags with a start date and no end date at all. A discount whose end is always hours away and one with no end at all describe the same thing from opposite directions, and the answer is the same — treat the reduced price as the ordinary one. Bank offers ran alongside at 10% off on two credit cards above ₹3,500, so every price here is a floor.
Who is answerable for a Biba garment
The packaging rules require a retail package to name the manufacturer or packer with an address, the net quantity and the sale price inclusive of taxes. That block names who is legally answerable for the goods, not who sewed the garment. Biba is unusual in a good way: on every sampled listing the manufacturer, importer and packer lines carry the identical string.
It is written many ways. Across the 120 Myntra records there are 16 manufacturer strings under three corporate names — BIBA Fashion Limited on 107, BIBA Apparels Private Limited on 11, “Biba Fashion Pvt Ltd” on one, and one naming no entity at all, just a Gurugram address. Two PIN codes for that one office run through them, 122005 and 122102. Ajio uses seven strings under four names, six of fifteen reading “Biba Fashion Pvt Ltd” — a company of that name was found on nothing read here, and the registered name since 25 March 2022 is BIBA Fashion Limited.
| Where | Declared manufacturer | Seller of record | Origin | Net quantity |
|---|---|---|---|---|
| Myntra, 120 records | 16 strings, three corporate names | BIBA Fashion Limited or Flashstar Commerce | India 120 of 120 | 54 of 120 |
| biba.in, 24 pages | One string on 24 of 24 | Same company as manufacturer, packer and marketer | India 24 of 24 | 20 of 24 |
| Ajio, 15 declarations | Seven strings, four names | Manufacturer and marketer the same on 15 of 15 | India 15 of 15 | 15 of 15 |
| Tata CLiQ, 3 records | One string, Gurugram | “Biba Apparels Pvt Ltd” on 3 of 3 | India 3 of 3 | 3 of 3 |
All read 7 September 2026. The name Tata CLiQ prints as seller of record is the one the company changed in March 2022.
That is the short end for substance and the untidy end for spelling. Reliance Trends has the same shape, its own name on 137 of 155 listings with one warehouse spelled seventeen ways, while W for Woman’s 60 listings gave 33 strings.
What is missing is what is missing everywhere. Fabric is given as a family word — cotton, rayon, georgette, chanderi — and a percentage composition appears on none of the 120 Myntra listings and none of the 24 pages on the brand’s own site. Fabric weight in grams per square metre appears nowhere either, which makes eighteen clothing brands read here without one publishing it. Net quantity runs on 54 of 120 Myntra listings, eight of those printing the unit with no number in front of it.
The check is easy here. biba.in prints a declaration block on every product page — manufactured by, packaged by, marketed by, origin and units in a pack — and Tata CLiQ prints the same. Open it, and compare it against the box in the shop.
Stores, money and two founding years
Three store counts exist and they are not comparable, so all three belong here with their dates. The prospectus, at 31 December 2021: 427 exclusive brand outlets, 308 Biba-branded and 119 Rangriti, plus 930 large-format counters. ICRA, at 31 March 2025: 405 exclusive brand outlets and over 600 multi-brand. The brand’s own locator on 7 September 2026 held 499 Indian records — a locator reading rather than a disclosure.
On revenue, the prospectus gives restated consolidated revenue from operations of ₹729.4 crore in FY2019, ₹757.2 crore in FY2020 and ₹525.8 crore in FY2021, with a loss of ₹11.8 crore in that pandemic year. ICRA’s rationale of 5 August 2025 records roughly ₹758.1 crore for FY2024 and about ₹789 crore for FY2025 on provisional numbers, growth of about 4% it calls constrained by subdued industry-wide demand. No FY2026 figure exists on anything read here. That rationale also carries a dated rating action — ICRA’s opinion, not a regulator’s finding: it downgraded the long-term rating to [ICRA]BBB+ from [ICRA]A- and moved the outlook to Negative from Stable.
Biba publishes more than most unlisted Indian companies have to: annual returns from 2019-20 to 2022-23, directors’ reports and subsidiary financials. Those returns are statutory forms whose filled-in values do not come out legibly, so no figure here is taken from them.
Two founding years sit on the record and both stay. The prospectus says the business commenced operations in 1986, established by Meena Bindra; ICRA says 1988, under a partnership structure. Neither is picked here. On the marks, the prospectus states at 31 December 2021 that the company holds over 70 registrations in India across BIBA, Rangriti and Spelle, and registrations in over 70 countries — so the names are owned rather than licensed in, though no registration number was established.
The advertising record
Nothing is filed against Biba, under that name or under Biba Apparels, with the Advertising Standards Council of India — worth qualifying rather than reading as a clean bill. The council is a self-regulatory industry body, not a statutory regulator, and its file is built around objective claims of the kind clothing almost never makes. An empty file here says more about the category than about a brand.
Common questions
Is Biba owned by Warburg Pincus?
No, on the last figures published. Highdell Investment Ltd, described in Biba’s own prospectus as an affiliate of the Warburg Pincus Group, held 29.46% and Faering Capital India Evolving Fund held 4.47% as at April 2022 — 33.93% between them, against 64.75% held by the promoter group on the company’s own pattern dated 31 December 2022. No filing read here shows a change of control, and nothing later than December 2022 was found, so no current figure is given.
Is Biba an Indian brand?
Yes. BIBA Fashion Limited is registered in India, CIN U74110HR2002PLC083029, with its office in Gurugram, and the goods are Indian too: origin was declared India on all 162 statutory declarations read across Myntra, biba.in, Ajio and Tata CLiQ on 7 September 2026, and on all 4,095 Myntra listings by that platform’s own origin facet.
Who is Flashstar Commerce, and is it Biba?
It is a separate seller on Myntra, holding 1,715 of 4,064 Biba listings on 7 September 2026. Myntra gives its display name as Savan Retailers Private Limited, at a Connaught Place address in New Delhi. It is a third-party seller and not a Biba company, and nothing beyond that name and address was established here.
Is Biba cheaper on its own website?
No, on the day read. Across 3,756 products biba.in charged 71.2% of MRP in aggregate, against 65.6% across 4,064 Myntra listings and 69.7% across 2,015 read on Ajio, all on 7 September 2026. The brand’s own site also runs the shortest discount ladder of the three, seventeen rungs against Myntra’s forty-seven.
Do the “offer ends in” timers mean anything?
They carry an end and no start. On 92 of 120 records read on 7 September 2026 the timer’s start value was zero, and all 89 distinct end times fell between 2.42 am and 3.20 am the next morning, ten to eleven hours later. On the same listings a coupon dated 10 and 11 October sat alongside. The sensible reading is to judge the reduced price on its own merits.
Does Biba publish fabric composition or GSM?
No. Across 120 Myntra listings and 24 pages on the brand’s own site read on 7 September 2026, fabric is given as a family word such as cotton, rayon or georgette, with no percentage composition anywhere and no fabric weight in grams per square metre. That is the same answer as every other clothing brand read on this site.
References
- BIBA Fashion Limited, draft red herring prospectus, dated 11 April 2022, filed 12 April 2022 — the pre-Offer shareholding table; the CIN, registrar and Gurugram office; the conversion and name-change dates and certificates; the share transfers of 20 September 2013 and 23 June 2015; the wording on the private-equity investors and Warburg Pincus; the offer structure; the 427 outlets at 31 December 2021; restated revenue and profit for FY2019 to FY2021; the trade-mark sentence; and the 1986 founding statement.
- BIBA Fashion Limited, investor information — the shareholding pattern as at 31 December 2022 giving 64.75% and 35.26%, the share and shareholder counts and the ISIN; and the annual returns, directors’ reports and subsidiary financials described above.
- ICRA, rating rationale for BIBA Fashion Limited, 5 August 2025 — the July 2002 incorporation; the 1988 commencement; 405 exclusive outlets and over 600 multi-brand outlets at 31 March 2025; FY2024 and provisional FY2025 revenue; the downgrade to [ICRA]BBB+ with a Negative outlook; and the 85–90% revenue share for BIBA.
- Warburg Pincus, investments page for Biba — read 7 September 2026: the entry describing the business, sector and year invested, with no stake or amount given.
- Faering Capital, announcement dated 5 December 2013 — the ₹300 crore figure and the exit provided to Future Lifestyle Fashion, described as having held about 18% since 2006.
- Warburg Pincus, release dated 5 December 2013 — the same 2013 investment, under the company’s then name.
- Business Standard, 12 April 2022 — the filing of the draft prospectus and the two funds’ participation in the offer for sale.
- Business Standard, August 2022 — the report that issuance of observations was kept in abeyance.
- ET Retail, on the same abeyance report — the second account of the August 2022 position.
- Biba brand catalogue, Myntra — read 7 September 2026: the 4,095 facet count and 4,064 listings enumerated with MRP, price charged and discount; the 96 distinct MRPs and 47 discount percentages; the sellers of record and their counts; 120 product records read in full for declarations, origin, net quantity, the house-of-brands attribute and offer timing; the per-seller prices on eight listings; and the coupon and bank offers.
- biba.in catalogue, product declarations and store locator — read 7 September 2026: 3,756 products across fourteen categories with struck MRP and price charged; the 17 discount rungs and the aggregate; the sale and end-of-season sections; the 24 product declarations; the suit-set control read; and the 499 Indian store records.
- Biba on Ajio — read 7 September 2026: the 2,225-listing brand facet, 2,015 read with prices and discounts, the 18 discount rungs reaching 83%, and 15 statutory declarations.
- Biba on Tata CLiQ — read 7 September 2026: the brand facets carrying 2,336 Biba items, 123 BIBA Girls and one Spelle by Biba; the discount-band facet counts; and three product records with their declarations and seller of record.
- Biba on Nykaa Fashion — read 7 September 2026: 2,618 items under the brand.
- Advertising Standards Council of India, complaints record — no matter filed under Biba or Biba Apparels.
On the question worth asking of anything sold under an ethnic-wear label — is there a company behind the name — Biba gives one of the better answers available. One company is the declared manufacturer on every record read, it sells 57.2% of its own Myntra catalogue, it owns its marks on its own filing, and it publishes more about itself than an unlisted Indian company needs to. At a median ₹1,749 charged, that is fair value.
Two things deserve scepticism, and neither is the garment. The pricing is a grid — 96 MRPs and 47 discount rungs across four thousand listings, with a timer that has an end and no beginning and a coupon dated a month out beside it — so the reduced number is the real price and the MRP is furniture. And the ownership story usually told about it is not the one in the filing: 33.93% is a stake, not control.
A family-controlled Indian company that answers for its own goods — buy on the discounted number, and check the seller’s name before the price.
