Iba Halal Care, a vegan and Halal certified cosmetic brand has raised $3 million of fresh funds in Series A round of funding from Addvantis Enterprises. Addvantis owns the ayurvedic aromatherapy hair care and skin care brand Vedaearth.
The startup is thrilled to have raised the funding from Addvantis. The company now plans to scale the brand nationally both through expansion in the online channels and in the general trade within India. it further aims to cater to the growing export market demands of products that align with the ethical personal care demands of people.
Mauli Teli, the CEO of Iba Halal Care, speaks, “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 an Rs. 100 crore annual revenue run rate by 2021”
Addvantis strongly believe in eco-ethical and holistic wellness which can be seen in their in-house venture – Vedaearth. And the similarity in motto led them to partner with Iba in its journey. Both the brands operate with similar authenticity, transparency and integrity to create vegan and halal cosmetics.
Since being founded in 2014 by Mauli Teli and Grishma Teli, Iba Halal Care has grown phenomenally. With the new capital, the startup aims to strengthen its leadership position in Natural, Vegan and Halal cosmetics market in the country.
The company holds a product portfolio of 100+ SKUs including skin creams and lotions, compacts, hair colours, foundations, hair oil, lipsticks, nail colours, shampoo, kajal, eyeliner and exotic fragrances.