GVFL invests undisclosed sum in Ecotrail Personal Care
Ahmedabad: Venture capital fund GVFL Ltd on Wednesday said its start-up fund has made an investment in Ahmedabad-based Ecotrail Personal Care Pvt. Ltd, which makes the Iba Halal Care line of cosmetics. It did not disclose the amount invested.
In a statement issued by GVFL, Mauli Teli, CEO and managing director of Ecotrail said the company will use the funds to expand its reach and tap export opportunities.
Ecotrail was founded by sisters Mauli and Grishma Teli in 2012. It claims its products are different from contemporary cosmetics which contain alcohol, gelatin and other substances that are derived from animal fat.
Iba claims to be the only halal-certified brand in India.
“Globally, consumers have taken a liking for innovative personal care products which are natural and free from alcohol, gelatin and animal fats. We see this trend intensifying in future and Iba is expected to benefit the most from this and deliver exponential growth,” said Sanjay Randhar, managing director, GVFL.
The company sells its products through exclusive stores and online channels. Currently, it has exclusive stores and is available across retail outlets in Gujarat, Maharashtra, Karnataka, Delhi and Telangana.
“Today Iba has a portfolio of 80 plus products across skin care, hair care, fragrances and colour cosmetics making it the most complete range in the category. In addition to being halal certified, Iba products are PETA certified, vegan and cruelty-free as well. The funds raised will be utilized in extending reach across the country and also tapping export opportunities”, added Tuli.
Founded in 1990, GVFL (formerly Gujarat Venture Fund Ltd), has over the past two decades raised eight venture capital funds which have supported over 80 companies.