Singapore-based consumer products company Believe Pte Ltd said it raised $55 million in Series C funding from inbound investors Venturi Partners and IIFL AMC, alongside continued participation from Jungle Ventures, Accel, Alteria Capital and Genesis Alternative Ventures. IIFL AMC’s investment is subject to the approval of the Securities and Exchange Board of India (SEBI). The company said it serves the global Muslim audience with brands spanning skincare, fragrance, makeup and haircare.
The company (launched in mid-2019) said it has grown rapidly in its relatively short history, garnering investor interest and accumulating over $80 million in the past two years. Believe said its vision to create enduring brands that align with consumer belief systems while ensuring the highest efficiency, quality and uniqueness is driving its success across all retail formats in the Middle East and Asia. This fundraising will catalyze the consolidation of market share in Bangladesh and India (through strategic acquisitions) while deepening the reach in the GCC (Gulf Cooperation Council) and Southeast Asia (through organic growth and inorganic). This would pave the way for the company to become a major global CPG (consumer packaged goods) conglomerate.
“We have received tremendous consumer love from our first product launch in 2019 to growing 2.5x over the past year. Our family of 2000 happy believers are our eyes and ears on the ground. that help us be nimble and responsive to consumer needs,” said Ankit Mahajan, CEO of Believe PTE Ltd. “We have created a relentless marketing organization that has the ability to identify consumer needs, utilize the strong R&D expertise of 12 members to manufacture fantastic products, then leverage our international supply chain to provide global standard products to countries around the world.
The Series A and B fundraisings were led by Accel and Jungle Ventures with participation from Wamda Capital, a Middle East-based fund. The current Series C raise in Believe’s third year of operation is led by Venturi Partners, a Singapore-based investment platform founded by veteran investor Nicholas Cator. Venturi Partners enables consumer-oriented start-ups to build disruptive brands in industries such as FMCG, education, health tech, home improvement, and more. in India and Southeast Asia. IIFL’s private equity fund AMC, which has backed several major consumer brands, will also co-lead this round, subject to SEBI approval.
This is Venturi’s second investment and demonstrates the investment platform’s expertise in identifying and supporting high-growth, multi-geographic consumer brands with an online and offline presence.
“We are thrilled to support the region’s most experienced BPC (beauty and personal care) founders and have been extremely impressed with their ability to build a diverse product portfolio and unique distribution network during a pandemic,” said Nicholas Cator, Founder and Managing Partner at Venturi. “We are confident that with its strong team and group of investors, Believe will become the global leader in halal and clean BPC brands.”
With Swiggy, Licious, Dailyhunt and Country Delight in its portfolio, IIFL AMC said it seeks to support market leaders and disruptors across all businesses while keeping profitability stable.
“Believe has demonstrated unprecedented traction and growth in a very short period of time through its brands focused on the global BPC segment markets. With its unique positioning of clean halal-based products (free of alcohol and animal-derived ingredients), it addressed the latent need of a large target market in a very targeted manner,” said Chetan Naik, Fund Manager at IIFL AMC . “Its growth is a testament to how a well-positioned brand with strong product effectiveness resonates with its consumer and creates value for all. We are thrilled to partner with the outstanding team at Believe for the next phase of business growth.
Believe is a brand house that includes Lafz, ZM and Dr.Rhazes. The brands have received huge traction in Bangladesh and India with a growing base in the GCC (Gulf Cooperation Council) countries. They are sold in more than 8 countries and are manufactured all over the world, including countries like South Korea, Italy, Spain, France, Germany and the United Arab Emirates.
Lafz is the company’s flagship premium brand, made with traditional ingredients. The company said that ZM’s vegan, cruelty-free and single-ingredient positioning finds its popularity among the young and ambitious.
Bengaluru-based investment bank IndigoEdge was the sole adviser on the transaction.