Beauty start-up Believe raises $55 million in Series C led by Venturi Partners, IIFL AMC

By

Maverick Martins

Published
Apr 25, 2022

Singapore-based beauty start-up Believe Pte Ltd has raised Series C funding of $55 million (Rs 384 crore) from Venturi Partners and IIFL AMC.
 

The round also saw participation from Jungle Ventures, Accel, Alteria Capital, and Genesis Alternative Ventures.
 
Believe will utilise the funds to consolidate its market position in India and global expansion. It also plans to make strategic acquisition in the skincare, fragrances, make-up, and hair care segments.

Commenting on the funding, Ankit Mahajan, CEO of Believe Pte Ltd in a statement said, “We have received tremendous consumer love all the way from launching our first product in 2019 to witnessing 2.5x growth in the last one year. We have created a relentless marketing organisation that has the ability to identify consumer needs, use 12-member strong R&D expertise to make fantastic products and then put our international supply chain to deliver global standard products to countries across the world.”
 
Nicholas Cator, founder at Venturi added, “We have been extremely impressed by BPC (beauty personal care) founders' ability to build a diversified portfolio of products and a unique distribution network during a pandemic. We are convinced that with its strong team and group of investors, Believe will become the leading global halal and clean BPC house of brands.”
 
Launched in 2019 by Ankit Mahajan, Believe is a house of brands that includes Lafz, ZM, and Dr Rhazes. It claims to have a global presence in countries like South Korea, Italy, Spain, France, Germany, and UAE.