20 September 2018, India:
Cosmetic brand Iba Halal Care $3 million in Series A round of funding from Addvantis Enterprises, LLP that owns the ayurvedic aromatherapy skin care and hair care brand – Vedaearth.
“We are thrilled to have raised this round of funding from Addvantis Enterprises, LLP. Having proven the product-market fit which fills the need gap among consumers for ethical personal care products that align with their lifestyle and are safe and effective as well, we now plan to scale the brand nationally both through expansion in the general trade and online channels within India and also cater to the growing export market demand. We have the first mover advantage by being the only brand in India that has a full range of halal certified and vegan cosmetics which are of high quality and affordable. We intend to maintain the same by investing in brand awareness and product availability to our target customers. We target 5X growth this financial year compared to the last and are on track to achieve a Rs. 100 crore annual revenue run rate by 2021,” said Mauli Teli, Chief Executive Officer, Ecotrail Personal Care Pvt. Ltd.
“We at Addvantis strongly believe in eco-ethical, holistic wellness which is also embodied in our in-house Ayurvedic Aromatherapy venture – Vedaearth. We are excited to partner with Iba in its journey as it operates with similar authenticity, transparency and integrity to create its products,” said Divya Dinesh of Addvantis Enterprises, LLP.
“Within a year of GVFL’s investment, Iba has grown phenomenally and with the new round of funding Iba is poised to strengthen its leadership position in the Natural, Vegan and Halal cosmetics brands market. Iba with its first mover advantage has the potential to redefine the market by creating a new category of halal cosmetics in the ever evolving Indian retail space,” said Sanjay Randhar, GVFL MD.
Iba Halal Care was founded by Mauli Teli and Grishma Teli in 2014. It is a leading natural and vegan brand and is a Halal certified cosmetics brand. It embraces an eco-ethical philosophy and offers a wide range of Skincare, Haircare, Color Cosmetics and Fragrances. The growing product portfolio of 100+ SKUs includes skin creams and lotions, foundations, compacts, hair colors, hair oil, shampoo, lipsticks, nail colors, kajal, eye liner and exotic fragrances.
(Image – Iba Halal Care)