Believe Pte Ltd, based in Singapore, acquired a majority stake in Ahmedabad-based Iba Cosmetics as part of the latter’s Series B round of funding.
Iba Cosmetics estimated the transaction’s value at $10 million, according to Inc42.
As part of the agreement, Iba will join the conglomerate’s family of brands created in Singapore, and its cofounders Mauli and Grishma Teli will continue to serve as its leaders.
The personal care firm most recently secured INR 15 crore in investment for its Series A round in 2018.
Iba Cosmetics, which was founded in 2014 by Mauli and Grishma Teli, has a presence across all channels, including e-commerce sites like Nykaa, Amazon, Flipkart, Purple, and Bigbasket as well as physical stores across Delhi, Gujarat, Maharashtra, and Kerala. The firm distributes goods in a variety of industries, including skincare, haircare, and beauty.
Iba Cosmetics asserts that it is the country’s first vegan and Halal-certified cosmetics and personal care company. According to the D2C brand, all of its products are free of harsh chemicals like sulphates, parabens, ammonia, and bleaching agents, as well as alcohol, pig fat, and other components originating from animals.
Believe Pte Ltd., a Singapore-based house of brands with various brands in the beauty industry, was established in 2019 by Ankit Mahajan. With manufacturing in Asia, the Middle East, and Europe, it distributes its goods to nine nations in Asia and the Middle East.
Investors including Accel, Jungle Ventures, IIFL, and Venturi Partners helped Believe raise $80 million. The Singapore-based corporation would not disclose its most recent revenue data, but it hopes to reach $100 million by March 2023.
Over the past few years, D2C brands have rapidly increased in India, helped by an increase in eCommerce spending by Indian consumers. According to Inc42’s “State of Indian Ecommerce, Q3 2022,” FMCG is the most significant subsector within the D2C environment, with more than 250 financed startups having raised $2.1 Bn in funding between 2014 and Q3 2022.
The Hyderabad-based D2C wellness business Good Health Company (GHC) secured $10 million this month to expand into women’s care items, making it one of the industry’s most recent investment events.