Mumbai: Believe Pte Ltd., a Singapore-based manufacturer of Halal-certified skincare, fragrance, makeup and hair care products, has raised $55 million in a funding round led by Venturi Partners and IIFL AMC.
The new funds will be used to strengthen the company’s market share in Bangladesh and India through acquisitions, as well as to expand its presence in the Gulf Cooperation Council (GCC) and Southeast Asia through organic and inorganic expansion .
The company’s existing investors Jungle Ventures, Accel, Alteria Capital and Genesis Alternative Ventures also participated in the round.
Founded in 2019 by Ankit Mahajan, Believe has raised nearly $80 million in three fundraising rounds so far. Accel and Jungle Ventures led their Series A and Series B rounds, joined by Middle Eastern fund, Vamda Capital.
“We believe there is a huge opportunity for such Halal-certified products to explode across Southeast Asia, Bangladesh, GCC region. The market is currently fragmented with smaller unorganized players dominating the scene. We believe this huge target Brands will be the first to cater to that audience,” said Nicolas Cater, founder and managing partner of Venturi. The investment comes from a new $150 million fund from Venturi announced last year.
Believe has brands like Lafz, ZM and Dr.Rhazes. They are sold in more than eight countries and are manufactured in countries such as South Korea, Italy, Spain, France, Germany and the United Arab Emirates.
Mahajan, Chief Executive Officer, Believe Pte Ltd. said that the company has witnessed nearly 2.5 times growth in the last one year.
Vishwas in the BPC segment through its brands focusing on global markets has shown unprecedented traction and growth in a short span of time. With its unique positioning of Halal based hygienic products (free of alcohol and animal ingredients), it has addressed the latent need of a large target market in a highly concentrated manner. Chetan Naik, Fund Manager, IIFL AMC, said, “This development is a testament to how a relevant brand with strong product efficacy resonates with its consumer and creates value for all.”
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