Muslim-friendly consumer products company, Believe has raised US$55 million in a Series C round led Venturi Partners and IIFL AMC.
The new funds will be used to consolidate market share in Bangladesh and India via strategic acquisitions, as well as expand to the Gulf Cooperation Council (GCC) and Southeast Asia.
"We are convinced that with its strong team and group of investors, Believe will become the leading global halal and clean beauty and personal care (BPC) house of brands," said Nicholas Cator, founder & managing partner at Venturi.
Other Investors in this Round
Key Highlights
- Believe was founded in 2019 by Ankit Mahajan and is a fast-growing company serving the global Muslim audience with brands spanning skincare, fragrances, make-up and hair care.
- To date, the company has raised over US$80 million across three funding rounds.
- The Series A and Series B fund raises were led by Accel and Jungle Ventures with participation from a Middle East-based fund, Wamda Capital.
- Believe owns brands such as Lafz, ZM and Dr Rhäzēs that are sold in over 8 countries and are sought-after in Bangladesh and India with a growing base in the GCC.
- Lafz is the flagship premium brand crafted with traditional ingredients while ZM's vegan, cruelty free, single ingredient positioning is popular among the younger generation.
- Mahajan mentioned that Believe has seen a 2.5x growth in the past year.
