The owner of India’s first halal certified cosmetics brand, Iba Halal Care, has raised RS15 crore in series A1 funding. The round was led by Addvantis Enterprises, according to a report published by India Retailing.
“We are thrilled to have raised this round of funding from Addvantis Enterprises,” Mauli Teli, CEO of Iba Halal Care owner, Ecotrail Personal Care revealed. “Having proven the product-market fit which fills the 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 Rs100 crore annual revenue run rate by 2021.”
Divya Dinesh of Addvantis Enterprises added, “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.”