BELIEVE PTE OF SINGAPORE ACQUIRES A MAJORITY STAKE IN INDIAN IBA COSMETICS
- ByStartupStory | November 14, 2022
Believe Pte. has acquired a majority stake in Iba Cosmetics, an Ecotrail Personal Care cosmetics, and personal care brand, as part of a strategic partnership between two businesses with similar values.
Iba is a domestic brand that produces halal, vegan, and clean beauty cosmetics. Believe Pte is a House of Brands with its headquarters in Singapore and manages several brands in the health and beauty industry. Believe Pte., founded in 2019, has raised $80 million from renowned investors including Accel, Jungle Ventures, IIFL, and Venturi Partners as part of its growth strategy.
In nine nations, including India, Bangladesh, Saudi Arabia, the United Arab Emirates, Bahrain, Oman, and Qatar, the company presently distributes its goods. It produces its goods in 10 nations, including Korea, India, The UAE , Italy, France, Spain, and Germany, among others.
“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”, remarked Mauli Teli, the company’s CEO.
According to Mohammed Arefin, Business Head, Believe Pte Singapore, “Mauli Teli and Grisham Teli will continue to lead and drive the strategic vision for Iba Cosmetics in the segment.”
Follow Startup Story
Related Posts
