Believe Pte raises $55 mn in Series C funding from Venturi Partners, IIFL AMC, others
Believe has raised over $80 million across three funding rounds and continues to treble revenue YoY
The Series A and Series B fund raises were led by Accel and Jungle Ventures with participation from Wamda Capital, a Middle East-based fund. /Representative image |
Singapore-headquartered Believe Pte Ltd, a fast-growing consumer products company with brands spanning skincare, fragrances, make-up and hair care has announced it has raised Series C funding of $55 mn from incoming investors Venturi Partners and IIFL AMC alongside continued participation from Jungle Ventures, Accel, Alteria Capital and Genesis Alternative Ventures. Investment from IIFL AMC is subject to approval from the Securities and Exchange Board of India (SEBI).
The Series A and Series B fund raises 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 consumer investor Nicholas Cator.
Venturi Partners enables consumer-facing business startups to build disruptive brands in sectors such as FMCG, education, health-tech, home improvement, etc. in India and Southeast Asia. IIFL AMC’s private equity fund that has backed several leading consumer brands will also co-lead this round, subject to approval from SEBI.
This is Venturi’s second investment and is a testament to the investment platform’s expertise in identifying and supporting multi-geography, high-growth consumer brands with an online and offline presence. Nicholas Cator, Founder & Managing Partner at Venturi said “We are excited to be backing the most experienced BPC founders in the region and have been extremely impressed by their ability to build a diversified portfolio of products and a unique distribution network during a pandemic.”
Chetan Naik, Fund Manager at IIFL AMC, said, “Believe has demonstrated unprecedented traction and growth in a very short period via its brands focused on the global markets in the BPC segment. With its unique positioning of halal based clean products (devoid of alcohol and animal ingredients), it has addressed the latent need of a large target market in a highly focused manner. Its growth is a testament to how a relevantly positioned brand with strong product efficacy creates resonance with its consumer and creates value for all.”
Believe is a house of brands that includes Lafz, ZM and Dr.Rhazes. They are sold in over 8 countries and are manufactured across the globe including countries like South Korea, Italy, Spain, France, Germany and UAE. While Lafz is the flagship premium brand crafted with traditional ingredients; ZM’s vegan, cruelty free, single ingredient positioning finds popularity among the youthful and aspirational.
Ankit Mahajan, CEO of Believe PTE Ltd said, “We have received tremendous consumer love all the way from launching our first product in 2019 to witnessing 2.5x growth in last 1 year.”
IndigoEdge, Bangalore (India) headquartered investment bank focused on new-age consumer brands was the sole advisor for this transaction.
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