Beauty products player Believe raises $55-M from Venturi Partners, IIFL, others

Singapore-headquartered consumer products company Believe Pte Ltd, has raised USD 55 million in a Series C funding round from incoming investors Venturi Partners and IIFL VC, alongside continued participation from Jungle Ventures, Accel India, Alteria Capital and Genesis Alternative Ventures. This fundraise is aimed at consolidating market share in Bangladesh and India (via strategic acquisitions) while deepening reach in the Middle East and South-East Asia (through both organic and inorganic growth). The company expects to become a global CPG (consumer packaged goods) conglomerate. Believe serves the global Muslim audience with brands spanning skincare, fragrances, make-up and hair care. The Series A and Series B fundraises were led by Accel India and Jungle Ventures with participation from Wamda Capital, a Middle East-based fund.