Singapore-based Believe has invested $10 million in Iba Cosmetics, an Ahmedabad-based PETA and Halal certified vegan cosmetics and personal care brand from Ecotrail Personal Care Pvt Ltd, as part of a strategic alliance between two companies that share common values. ,
Currently the company is present in Gujarat, Delhi, Maharashtra and Kerala through offline retail. He mainly sells online through his own website and portals like Nykaa, Amazon, Flipkart, Purple and Bigbasket.
“In today’s beauty landscape, brands need an omnichannel approach. This strategic alliance with Believe will help us with distribution and scale not only within India but also in international markets, thus ensuring that a new and much larger segment of halal and vegan consumers experience the brand,” said Mauli Teli, CEO, Iba Cosmetics.
Believe Pte Ltd is a Singapore-based brand house that operates multiple brands in the health and beauty space. Created in 2019, Believe Pte has raised $80 million on its growth journey from investors including Accel, Jungle Ventures, IIFL and Venturi Partners. The company now distributes its products in nine countries including India, Bangladesh, Saudi Arabia, United Arab Emirates, Bahrain, Oman, Qatar, etc. It manufactures its vegan and Halal certified products in 10 countries including Korea, India, United Arab Emirates, Italy, France, Spain. , Germany, etc.
“Believe now operates over 1,000 store-to-store counters in India and services over 60,000 outlets through its direct field force. The Iba alliance combines the 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 project the Iba brand to deliver 4x growth in the next 12 months,” said Afroz Hossain Arefin, Chief Commercial Officer of Believe Singapore.
“We believe the targets will grow to a $100 million global revenue conglomerate by March 2023, which would be a global monopoly business serving Halal and clean beauty seeking consumers around the world. The company has grown more than 100% year-on-year in the last 12 months and expects to continue that pace of growth,” Afroz added.