Ecotrail Personal Care secures series A1 funding from Addvantis

India-based Ecotrail Personal Care has secured Rs150m ($2.07m) from Addvantis Enterprises in a series A1 funding round.

Aiming to expand the brand footprint throughout India, the latest financing round was advised by Masterkey Holdings and follows the Rs60m ($831,076) series A funding raised from GVFL in August 2017.

Ecotrail Personal Care owns personal care and cosmetics brand Iba Halal Care, which was launched in 2014. It offers halal-certified personal care and cosmetics products across the skincare, haircare, makeup and fragrance segments. The company’s products include skin creams and lotions, foundations, compacts, hair colours, hair oil, shampoo, lipsticks, nail colours, kajal, eyeliners and exotic fragrances.

Ecotrail Personal Care’s CEO Mauli Teli said: “Having proven the product-market fit that fills the need gap among consumers for ethical personal care products that align with their lifestyle and are safe and effective as well, we now plan to scale the brand nationally both through expansion in the general trade and online channels within India and also cater to the growing export market demand.

“We have the first mover advantage by being one of the only brands in India that has a full range of halal-certified and vegan cosmetics that are of high quality and affordable.

“We intend to maintain the same by investing in brand awareness and product availability to our target customers. We target 5X growth this financial year compared with the last and are on track to achieve a Rs1bn ($13.85m) annual revenue run rate by 2021.”

Last year, the global halal cosmetics market reached a value of $63bn, and it is expected to reach $89bn by 2023.

Addvantis Enterprises owns in-house ayurvedic aromatherapy skincare and haircare brand Vedaearth.