Ecotrail Personal Care, which operates the clean beauty platform Iba Cosmetics, has raised $10 million (roughly Rs 80 crore) in a Series B capital raise from Singapore-based beauty and personal care products company Believe Pte. Believe has also purchased a majority stake in Iba Cosmetics.
The new funds will be used by the Ahmedabad-based startup to expand its geographical footprint and brand scale.
Iba Cosmetics, founded in 2014 by Mauli and Grishma Teli, claims to be India’s first halal and PETA-certified vegan cosmetics and personal care brand. In the personal care market, it competes with Nykaa, Mamaearth, and Wow Skin Science.
Believe, which was founded in 2019, operates a number of health and beauty brands. So far, the company has received $80 million in funding from Accel, Jungle Ventures, IIFL, and Venturi Partners. It sells its products in nine countries, including India, Bangladesh, and Saudi Arabia.
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