Singapore-based Believe Pte Ltd acquired a majority stake in Ahmedabad-based Iba Cosmetics as part of a $10 million Series B funding round.
WHO: Founded in 2014 by Mauli and Grishma Teli, Iba Cosmetics claims to be India's first halal-certified and PETA-certified vegan beauty brand with skincare, haircare, and cosmetics. It has an omnichannel presence, with retail outlets in Delhi, Gujarat, Maharashtra, and Kerala, and via e-commerce marketplaces such as Nykaa, Amazon, Flipkart, Purplle, and Bigbasket.
Founded in 2019 by Ankit Mahajan, Believe Pte Ltd is a Singapore-based house of brands that operates multiple businesses in the beauty segment. It distributes its products in nine countries in Asia and the Middle East, with manufacturing in Asia, the Middle East, and Europe.
Believe operates in 1,000+ shop-in-shop counters in India and services more than 60,000 outlets through its direct field force.
WHY: The Ahmedabad-based start-up will use the fresh funds to expand its geographical footprint and scale the brand.
IN THEIR OWN WORDS: "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, co-founder and Chief Executive at Iba Cosmetics.
"Combining our respective strengths, we thus project brand Iba to deliver a 4x growth over the next 12 months. Believe targets to grow to a $100 million revenue global conglomerate by March 2023. The company has grown more than 100% y-o-y over the last one year and expects to continue that growth rate," said Afroz Hossain Arefin, Business Head, Believe Pte Ltd Singapore.
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