Companies

Iba Halal Care raises Rs 15 cr in Series A1 funding from Bengaluru-based firm

Our Bureau Ahmedabad | Updated on September 20, 2018 Published on September 20, 2018

Ecotrail Personal Care Pvt Ltd on Thursday said it was raising Rs 15 crore in series A1 funding from Bengaluru-based Addvantis Enterprises LLP. Ecotrail sells personal care and cosmetics products under the brand Iba Halal Care, which was launched in 2014 by two lady entrepreneurs Mauli Teli and Grishma Teli in Ahmedabad. Prior to this round, Iba had raised Rs 6 crore in Series A funding from GVFL Ltd in August 2017.

Mauli Teli, CEO of Ecotrail Personal Care said, "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."

Iba claims to be India’s first and only Halal-certified and vegan personal care and cosmetics brand, offering over 100 SKUs across skin care, hair care, make-up and fragrances.

Since the company has the first mover advantage in halal-certified personal care products, it intends to further leverage its presence and grow its business five times this financial year as compared to last year, and aims to achieve Rs 100 crore revenues by 2021.

The company aims to tap the latent potential of the ethical needs of consumers from different communities such as Muslims, Jains, vegetarians and vegans. The investor, Addvantis Enterprises LLP, owns the ayurvedic aromatherapy skin care and hair care brand, Vedaearth. Bangaluru-based Masterkey Holdings Private Ltd advised the fund raising.

Globally, the halal cosmetics market achieved a value of $63 billion in 2017. The market value is expected to touch $89 billion by 2023, exhibiting a CAGR of 5.8 per cent during 2018-2023. The market is strongly driven by an increasing Muslim population, which now accounts for over a fifth of the global population, the company said.

Published on September 20, 2018
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