Iba Cosmetics raises $10M in Series B from strategic investor Believe
The Halal-certified as well as PETA-certified vegan and cruelty free beauty brand will use the funds to accelerate presence in the growing clean beauty space.
Singapore-based Believe has invested $10 million in , an Ahmedabad-based Halal-certified and PETA-certified vegan cosmetics and personal care brand from Ecotrail Personal Care Pvt Ltd, as part of strategic tie-up between two companies that share common values,
The company is currently present in Gujarat, Delhi, Maharashtra, and Kerala through offline retail. It mainly sells online through its own website and portals such as , , , , and .
“In today’s beauty landscape, brands need an omni channel approach. This strategic alliance with Believe is going to help us with distribution and scale not only within India but in international markets as well, thus ensuring that a new and much larger segment of Halal and vegan consumers get to experience the brand,” said Mauli Teli, CEO, Iba Cosmetics.
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Believe Pte Ltd is a Singapore-headquartered house of brands that operates multiple brands in the health and beauty space. Started in 2019, Believe Pte has raised $80 million in its growth journey from investors like Accel, Jungle Ventures, IIFL, and Venturi Partners. The company now distributes its products in nine countries including India, Bangladesh, Saudi Arabia, UAE, Bahrain, Oman, Qatar, etc. It manufactures its vegan and Halal certified products in 10 countries including Korea, India, UAE, Italy, France, Spain, Germany etc.
“Believe now operates in 1,000+ shop-in-shop counters in India and services more than 60,000 outlets through its direct field force. The Iba alliance combines best-in-class distribution that Believe has built in India, along with the tremendous consumer love that Iba has generated over the last eight years of its existence. Combining our respective strengths, we thus project brand Iba to deliver a 4x growth over the next 12 months,” said Afroz Hossain Arefin, Business Head, Believe Singapore.
“Believe targets to grow to a $100 million revenue global conglomerate by March 2023, which would be a global monopoly business serving consumers seeking Halal and clean beauty across the world. The company has grown more than 100% y-o-y over the last 12 months and expects to continue that growth rate,” added Afroz.
Edited by Megha Reddy