Naik says Believe has demonstrated unprecedented traction and growth
Mumbai’s IIFL AMC and Singapore-based Venturi Partners have participated in the US$55 million raised by Believe Pte Ltd, a fast-growing consumer products company from the city state working on India and South East Asian markets.
The round also had participation from Jungle Ventures, Accel, Alteria Capital and Genesis Alternative Ventures.
With the likes of Swiggy, Licious, Dailyhunt, and Country Delight in its portfolio, IIFL AMC looks to back market leaders and disruptors across businesses, while keeping sight of profitability at steady state.
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 (breakthrough personal care) 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.”
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.
“We are convinced that with its strong team and group of investors, Believe will become the leading global halal and clean BPC house of brands.”
Believe, started in mid-2019, has delivered rapid growth in its relatively short history, thereby inspiring investor interest and has cumulatively raised over US$80 million over the last two years.
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.
Believe, a Singapore-based FMCG conglomerate, provides market-ready solutions for customers by listening to their needs and designing products that suit their culture and life choices.
From breakthrough personal care essentials to beauty products surpassing global standards, Believe’s worldwide team of experts uses cutting-edge technology, scientifically proven methodologies, and ancient knowledge to gift their customers. fiinews.com
