Addvantis Enterprises invests Rs 15 crore in cosmetics brand Iba Halal

By

Maverick Martins

Published
Sep 21, 2018

Bangalore-based Addvantis Enterprises has invested Rs 15 crore ($2 million) in the Ahmedabad-based Ecotrail Personal Care Pvt Ltd, which owns the cosmetics brand Iba Halal Care.
 

Iba Halal Care will use the funds to scale up the brand presence across India and boost its online channels. The brand is targeting to achieve revenue of Rs 100 crore by 2021.
 
With the global halal cosmetics market expected to reach $89 billion by 2023, Iba Halal is banking heavily on Muslim consumers to drive growth and besides selling in India will also be exporting its products in other countries with strong Muslim population.

Commenting on the investment, CEO of Ecotrail Personal Care Pvt Ltd Mauli Teli said: “We now plan to scale the brand nationally both through expansion in the general trade and online channels within India and also cater to the growing export market demand. We target [five times more] growth this financial year compared to the last and are on track to achieve Rs 100 crore annual revenue run rate by 2021.”
 
Divya Dinesh of Addvantis Enterprises LLP added, "We at Addvantis strongly believe in eco-ethical, holistic wellness which is also embodied in our in-house Ayurvedic Aromatherapy venture - Vedaearth. We are excited to partner with Iba in its journey as it operates with similar authenticity, transparency, and integrity to create its products."
 
Iba Halal Care was launched in 2014 by two women entrepreneurs, Mauli Teli, and Grishma Teli. Iba is India's first Halal certified and Vegan brand of cosmetics products offering over 100 SKUs across skin care, hair care, makeup, and fragrances.