Ecotrail Personal Care Pvt. Ltd, which runs the clean beauty platform Iba Cosmetics, has raised $10 million (around Rs 80 crore) in a Series B funding round from Singapore-based beauty and personal care products company Believe Pte Ltd.

As per people close to the development, Believe has bought over 50% stake in Iba Cosmetics.

Iba Cosmetics will use the fresh funds to expand its geographical footprint and brand scale-up. 

Iba Cosmetics | PETA Certified Vegan & Cruelty-Free Cosmetics

Founded by Mauli Teli and Grishma Teli in 2014, Iba Cosmetics is an Ahmedabad-based clean beauty startup that claims to be India’s first halal and PETA-certified vegan cosmetics and personal care brand.

All Iba products are free of alcohol, pig fat, other animal-derived ingredients and harsh chemicals such as sulfates, parabens, ammonia, and bleaching agents.

Speaking about the development, Mauli Teli, co-founder and chief executive at Iba Cosmetics, said,

“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.”

The Ahmedabad-based startup competes with the likes of Nykaa, Wow Skin Science and Mamaearth in the personal care space. 

Established in 2019, Believe operates multiple brands in the health and beauty space and, so far, has raised $80 million from Jungle Ventures, Accel, IIFL and Venturi Partners. 

The Singapore-based beauty and personal care products company supplies its products in nine countries, including India, Bangladesh, and Saudi Arabia.

Commenting on the development, Afroz Hossain Arefin, Business Head at Believe Pte Ltd Singapore, said,

“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 $100 million revenue global conglomerate by March 2023. The company has grown more than 100% y-o-y over the last one year and expects to continue that growth rate.” 

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