Having won the legal battle for gender equality before the honourable Supreme Court, Maa Shakti is defending the nation by becoming Commissioned Officers of the Defence Forces. In addition to dominating the political, economic and education sectors, women are now showing up as a strong force controlling the startup environment, just like their male counterparts. Woman entrepreneurs today are influential personalities making their mark in different fields and in rural India Self-Help Groups have started a silent revolution in raising the rural economy. Many women have reached the top of the corporate world in India.
It takes lot of courage to follow their passion against all odds and achieve success through the hard work. As a tribute to such women and encourage others to follow their path, navjeevanexpress.com Editor Gowri Manickavasagam held an online interview with Iba Cosmetics CEO Mauli Teli and her angel investor Afroz Hossain Arefin, Business Head – Believe Pte Ltd. Singapore for reposing confidence in her.
Excerpts from the interviews:
MAULI TELI, CEO, Iba Cosmetics
Do you have any competitor in manufacturing Halal & PETA Certified Vegan & Cruelty Free Beauty brand in India?
If so, furnish the brand names.
Iba has been the first brand in India with both vegan and halal certifications and as such has a unique positioning in the market. While it competes with other clean beauty brands that have recently been launched, Iba has the widest portfolio of products across skincare, haircare, makeup and fragrances that differentiates from others.
What is your fund allocation for research and development per annum?
We allocate 8 – 10% of our spends on R&D
In line with the Government of India’s Make in India and sell globally initiative, what is the revenue from the export business?
Currently, exports contribute a small percentage of our total revenue. Going forward, with our association with Believe PTE, we are looking to scale our presence in international markets and thereby scale exports.
How many production units do you have and are there any expansion plans?
We have our own manufacturing unit in Ahmedabad, Gujarat where majority of our products are made. We are not looking to add a new manufacturing unit as we have adequate capacity here to be able to scale in the near term.
What are your growth strategies for 2022 and 2023 and futuristic vision?
We are looking to deliver 4x growth over the next 12 months by combining our strengths with Believe PTE and focusing on an omni-channel strategy of both online and offline sales. We are also planning to scale internationally with growing Iba’s presence outside India.
Who is your brand ambassador?
Our customers are our biggest brand ambassadors. Iba has grown due to the immense love of its loyal and growing customer base and benefitted immensely from word of mouth awareness that our customers generate from the brand. Excelling on customer delight and satisfaction is a key focus at Iba.
Recently you have raised a Series B round of funding from strategic investor Believe Pte. Ltd. How much was it and how it would be utilised to expand your business?
The deal value is close to USD 10 Million for a majority stake in Iba. Funds raised will be utilized towards increasing brand awareness, marketing and working capital required to achieve the rapid growth we are targeting in the next 3 years.
AFROZ HOSSAIN AREFIN, Business Head – Believe Pte Ltd. Singapore
Why did you choose Iba Cosmetics for a strategic tie-up and made investment in it?
Iba is India’s first Halal Certified brand catering to consumers who want modern-day lifestyle products that adhere with their belief systems. Since the basic philosophy of the two companies is the same, Believe wanted to engage in a strategic tie-up.
How many production units do you have in India and also spell out their expansion plans?
We currently work with 3rd party manufacturers. In all, we work with 12 manufacturers in India. We expect this number to go up to 16 over the next one year.
What are the reasons for marquee investors to make investments in your firm?
Believe is one of the fastest growing startups in the Beauty and Personal care space. Established in 2019, it has already achieved USD 50 M ARR and is currently selling in 9 countries. With strong omni channel presence, products that the consumers love and and ability to scale globally – we are fortunate to have the confidence of marquee investors.
Although you have production units globally, your products are sold only in the Gulf and Asian countries. Is there any plan to reach out to developed countries?
Right now, we plan to grow and consolidate in Asian countries only.
In what way will your strategic investment in Iba Cosmetics boost your business?
Iba brings forth a great portfolio of products across different price points for the Indian customers. Combined with a direct distribution in General Trade of more than 80,000 outlets in India, we think we will be able to grow brand Iba to great heights over the next two years.
