Believe Pte Ltd in Singapore has raised $55 Million in Series C funding The Series C funding for Believe Pte Ltd in Singapore was provided by Venturi Partners, IIFL AMC and IIFL AMC. It raised $55million.
The round also included existing investors Jungle Ventures and Alteria Capital as well as Genesis Alternative Ventures. The company has raised more than $80million through three funding rounds. Its Series A- and Series B rounds were managed by Accel and Jungle Ventures with participation from Wamda Capital (a Middle East-based funds). The company expects to increase its market share in India and Bangladesh via strategic acquisitions and to further its reach in Southeast Asia and the Gulf Cooperation Council through organic and non-organic growth. Believe, founded by Ankit Mahajan in 2019, is a collection of brands that make Halal-certified beauty and skin care products specifically for Muslims. Products made from Halal are free of alcohol and other animal ingredients. Believe is the owner of brands like ZM, Lafz and Dr. Rhazes. They are available in more than eight countries, and are made in countries like South Korea, Spain, France and Germany. Mahajan, the company’s chief executive, stated that the company experienced a 2.5x increase in revenue over the past year.