Clean Beauty Brand Iba Cosmetics Raises Series B Round Funding

As part of strategic tie-up between two companies that share common values, Believe Pte. Ltd. has secured majority stake in Iba Cosmetics, India’s first Halal-certified and PETA certified Vegan cosmetics and personal care brand from Ecotrail Personal Care Pvt. Ltd.

Iba is a homegrown digital-first brand in the Clean Beauty & Vegan + Halal cosmetics space with an ever-growing footprint which aligns well with the projected growth of both Iba Cosmetics and Believe. Iba Cosmetics has an established portfolio of proven and accepted products across categories like makeup, skin care, hair care and fragrances. This, coupled with the reach and distribution channels of Believe make this an exciting opportunity for both companies.

Believe Pte. Ltd. is a Singapore headquartered House of Brands that operates multiple brands in the Health and Beauty space. Started in 2019, Believe Pte. has raised USD 80 million in its growth journey from marquee investors like Accel, Jungle Ventures, IIFL and Venturi Partners. The Company now distributes its products in 9 countries including India, Bangladesh, Saudi Arabia, UAE, Bahrain, Oman, Qatar etc. It manufactures its Vegan and Halal certified products in 10 countries including Korea, India, UAE, Italy, France, Spain, Germany etc.

Aided by changing lifestyle and consumer awareness for chemical-free and ethical products, India’s growing Clean Beauty market size is estimated to be close to US $1 Billion; the global Clean Beauty industry is projected to reach close to US $54 billion by 2027.

“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”, said Mauli Teli, CEO, Iba Cosmetics.

“Believe now operates in 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 8 years of its existence. 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 USD 100 Mn revenue global conglomerate by March 2023 which would be a global monopoly business serving consumers seeking Halal and Clean Beauty across the world. The company has grown more than 100% y-o-y over the last 12 months and expects to continue that growth rate.

Mauli Teli and Grisham Teli will continue to lead & drive the strategic vision for Iba Cosmetics in the fast growing Halal and Vegan, Clean Beauty segment.”, said Mohammed Arefin, Business Head, Believe Pte Ltd Singapore.