Iba Cosmetics raises $10 million in from Believe Pte Ltd
Beauty and personal care brand ‘Iba Cosmetics’ from Ecotrail Personal Care Pvt Ltd has raised $10 million (Rs 81 crore) from Singapore-based Believe Pte Ltd.
The company will utilise the funds to strengthen its distribution network, diversification of portfolio, and expansion in the domestic, international markets.
Commenting on the investment, Mauli Teli, CEO of Iba Cosmetics in a statement said, “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.”
Afroz Hossain Arefin, business head at Believe Singapore added. “Believe now operates in over 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.”
The Ahmedabad-based Iba Cosmetics claims to be a DeHalal-certified and PETA-certified vegan cosmetics brand. It sells online through its website and portals such as Nykaa, Amazon, Flipkart, Purplle, and Bigbasket.
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