The company plans to expand its market presence with this funding round
Kolkata 29 January 2024: Believe Pte, a Singapore based FMCG conglomerate, announced that it has successfully raised Rs.120 crore in a funding round and is backed by existing investors -Venturi Partners, 360 One, Accel, Jungle Ventures, Alteria Capital, Genesis Alternative Ventures.
Operating across 9 countries, Believe has two key brands ‘Lafz’ and ‘Zayn & Myza’ – where beauty meets innovation. Lafz redefines fragrances with alcohol-free body sprays, ensuring enduring scents, while also offering superfood-infused hair care like Blackseed, rich in antioxidants and therapeutic properties. Zayn & Myza's clean label certified skincare range, enriched with Vitamin C Brightening essentials, includes Facewash, Face serum, Day, and Night creams.
Lafz and Zayn & Myza have solidified their market presence with a widespread distribution network encompassing over 1 lakh outlets across multiple states and cities in India. This extensive offline reach ensures accessibility for customers to experience the product offerings. In addition to the offline presence, the brand has expanded accessibility by being available on popular online marketplaces like Amazon, Flipkart, Nykaa, and others, offering a seamless shopping experience for our innovative beauty and personal care products nationwide.
As a globally renowned brand operating in the beauty and personal care sector, Believe Pte Ltd. Singapore, continues to expand operations in multiple geographies including the Middle East. With brands like Lafz, ZM and Dr. Rhazes under its care, the company is now EBITDA positive in three out of its five business units and plans to achieve the same in its other two businesses within the next six months. In India, The company will be increasing its retail presence from 700 BA outlets to an impressive 1200 Outlets, a strategic move to ensure better accessibility and convenience for our valued customers while focusing on profitability.
Commenting on the newer development, Ankit Mahajan, CEO, Believe Pte, said, “The trust that investors have in our company’s strategy and vision is reflected in this investment round. We are devoted to securing our long-term success and are thrilled about the potential this investment presents. Our success and financial benchmarks are a result of our teams' hard work, investors' faith in us, and consumers' steadfast commitment”.
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