Gujarat based Halal cosmetics co raises fund for expansion

Ahmedabad: India’s only Halal certified personal care and cosmetics brand, Iba Halal care, owned by Ahmedabad based Ecotrail Personal Care Pvt Ltd. has raised Rs. 15 crore in series A1 funding from Bangalore based Addvantis Enterprises, LLP. that owns the ayurvedic aromatherapy skin care and hair care brand – Vedaearth.

Iba Halal Care was launched in 2014 by two women entrepreneurs, Ms. Mauli Teli and Ms. Grishma Teli. Prior to this round, the brand raised Rs. 6 Crore series A funding from GVFL Ltd in August 2017.

Addressing a press conference here today Ms Mauli Teli said that Iba is a leading natural and vegan brand and is India’s first and only Halal certified cosmetics brand which apart from the vast Muslim population of India, the second largest in the world in this regard after Indonesia, was also eyeing the health conscious people from other communities also It follows eco-ethical philosophy and offers a wide range of Skincare, Haircare, Color Cosmetics and Fragrances. All Iba products not merely natural but also pure and hygienically manufactured, free of animal ingredients and cruelty-free. They have been formulated to meet the ethical needs of all consumers, including Muslims, Jains, vegetarians and vegans.

Iba which also exports to countries like Kazakhstan, South Africa, US, Australia Russia is now focusing more on vast domestic market. It has so far expanded to 12 states including Gujarat, Maharashtra, Karnataka, Kerala and UP. “We want focus more about spreading brand awareness now and target Rs 100 crore business by 2021,’ she said.

‘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”, she said.

She informed that the global halal cosmetics market reached a value of US$ 63 Billion in 2017. The market value is further expected to reach US$ 89 Billion by 2023, exhibiting a CAGR of 5.8% during 2018-2023. The market is strongly driven by an increasing Muslim population which now accounts for over a fifth of the global population and is also attracting Non-Muslim consumers as Halal beauty products symbolize safety, cleanliness, hygiene, and animal ingredient free products. With the younger generation emerging as more conscious consumers, the overall spending on halal cosmetics is increasing. With India having world’s second largest Muslim population and a large number of vegetarians and vegans, Iba is uniquely positioned to grow rapidly in its home market which as per an estimate has a potential size of Rs 11000 crores.

She also said that they have developed a unique halala nail colour at their sole manufacturing unit near Sanand in Gujarat.

DeshGujarat