Believe

What Believe does

Believe is a private Singapore-headquartered FMCG conglomerate that develops, manufactures, and distributes halal-certified cosmetics and personal care products for the global Muslim consumer market. The company operates a multi-brand platform spanning five sub-brands: Lafz (halal-certified beauty for modern Muslims), ZM (vegan, chemical-free beauty), Iba (halal ethical beauty), The Remedist (dermatologist-recommended skincare), and Dr. Rhäzes (personal care and homecare). Across all brands, formulations are vegan, cruelty-free, and free from harmful chemicals, with end-to-end halal compliance from ingredient sourcing through manufacturing. Believe sells direct-to-consumer via its own e-commerce storefront (believe.sg) and brand-specific sites, and reaches additional markets through retail and distribution partnerships spanning Singapore, Saudi Arabia, UAE, Bahrain, and Bangladesh.

Believe's go-to-market combines direct e-commerce, brand-portfolio expansion, and channel partnerships in MENA and South Asia. The company has raised over $80 million across three funding rounds, including a $55 million Series C in April 2022 led by 360 ONE Asset and Venturi Partners (with Accel, Alteria Capital, Genesis Alternative Ventures, Jungle Ventures, and Wamda Capital). In 2024, Halal Products Development Company — a wholly owned subsidiary of Saudi Arabia's Public Investment Fund — acquired a minority stake and Believe relocated its headquarters to Jeddah (Saudi Arabia) with a commitment to build a halal-certified factory. In late 2025, Believe acquired ampd Method (a deep-data music marketing platform) and appointed its founder, former Spotify Global Head of Premium Content Darya Pourshasb, as Chief Marketing Officer, signaling a strategic expansion beyond pure CPG into marketing technology and entertainment adjacencies.

Believe's core technology is its halal-certified formulation and supply-chain process rather than software or AI. The company is exposed to a large and growing addressable market — the global halal cosmetics market is valued at $53.12 billion in 2025 and projected to reach $143.02 billion by 2034, with Asia Pacific accounting for 64.32% of market share. Founder-led (CEO Ankit Mahajan, co-founder Dheeraj Batra) with sovereign-fund backing, Believe is positioned as a category-defining multi-brand halal beauty platform expanding from its Singapore base into the Gulf.

Name

Believe

Legal name

Believe

Website

https://believe.sg

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Believe is a Singapore-founded (now Saudi Arabia-headquartered) halal-certified cosmetics conglomerate operating a multi-brand portfolio (Lafz, ZM, Iba, Remedist, Dr. Rhäzes) of vegan, cruelty-free beauty and personal care products targeting global Muslim consumers via e-commerce and MENA/South Asia retail partnerships.

Ownership category

akta.pro rank

Product category

Halal Cosmetics and Personal Care

NAICS

Cosmetics, Beauty Supplies, and Perfume Retailers (456120), Cosmetics, Beauty Supplies, and Perfume Retailers (45612)

SIC

Perfumes, Cosmetics & Other Toilet Preparations (2844)

akta.pro industry

PRIMARYCRADANAD

Personal Fragrances (Perfume, Cologne, Body Sprays)

Consumer Products & Retail/Consumer Packaged Goods (CPG) Manufacturing & Brands/Consumer Fragrances & Personal Care Manufacturing (Non-cosmetic)

Keywords

• Halal cosmetics
• Personal care products
• Vegan beauty brand
• Cruelty-free skincare
• Consumer goods conglomerate

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices2 records

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Consumer Product Sales: Believe generates revenue through the sale of its owned brand portfolios including Lafz (halal-certified beauty), ZM (vegan beauty), Iba (halal ethical beauty), Remedist (skincare), and Dr. Rhäzes (personal care and homecare). Products are sold directly to consumers via e-commerce and through retail/distribution partnerships.
2. Brand Licensing and Partnerships: Believe potentially licenses its brands and formulations to partners in various regions, such as the partnership with Iba Cosmetics in India for expansion across MENA and South Asian markets.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Believe is a multi-brand consumer goods conglomerate that develops, manufactures, and sells halal-certified cosmetics and personal care products under five sub-brands: Lafz (global halal-certified beauty), ZM (vegan beauty), Iba (halal ethical beauty), The Remedist (science-backed skincare), and Dr. Rhäzes (personal care and homecare). Products are vegan, cruelty-free, and free from harmful chemicals, sold directly to consumers via its e-commerce platform and through retail partnerships across MENA and South Asia.

Product overview

Believe is a Singapore-based consumer goods conglomerate operating as a multi-brand platform focused on Halal-certified cosmetics and personal care products. The company manages a portfolio of five sub-brands: Lafz (biggest global Halal-certified beauty brand), ZM (vegan, chemical-free beauty), Iba (Halal-certified ethical beauty), The Remedist (dermatologist-recommended skincare), and Dr. Rhäzes (personal care and homecare combining ancient wisdom with modern technology). The platform emphasizes vegan, cruelty-free, and Halal-compliant formulations across all brands, targeting modern Muslims seeking beauty and personal care products without compromising their faith and values.

Differentiator

Problem solved

Functional benefit

Brands

• Lafz: Biggest global halal-certified brand. A brand for people of faith and principles, empowering them to lead a life without compromise. Every Lafz beauty product is made with no animal ingredients and adheres to Halal standards for modern Muslims.
• ZM (Zaynmyza)
• Iba
• Remedist
• Dr. Rhäzes

Products and services

• Lafz Biggest global halal-certified beauty brand offering cosmetics and personal care products made with no animal ingredients, designed for modern Muslims who want to maintain faith-aligned beauty rituals without compromise.
• ZM (Zaynmyza) Effective beauty brand offering 100% vegan, chemical-nasty-free cosmetics and personal care products formulated with science-backed, high-performance ingredients for ethical beauty consumers.
• Iba Halal-certified ethical beauty brand offering products that enable ethical and halal lifestyle choices; the brand name 'Iba' is of Arabic origin meaning self-respect and pride.
• The Remedist Results-driven skincare brand offering scientifically advanced and safe products with high-performance actives, recommended by dermatologists worldwide for innovative formulas.
• Dr. Rhäzes Personal care and homecare product line combining ancient wisdom with the newest technology, tested for proven effectiveness to address consumer wellness concerns and keep families safe.

Quantifiable outcome

• Global halal cosmetics market projected to reach USD 143.02 billion by 2034
• +1 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered core and minor.

• ampd Method (Darya Pourshasb)coreTechnology or Integration · 12 December 2025
• Spotify and Major Music Labels (Sony, Universal, Warner, Merlin)minorStrategic or Co-development Partner · 16 October 2025
• Iba CosmeticscoreStrategic or Co-development Partner · 1 November 2022

Scale indicators8 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Wardah: Indonesia's largest halal-certified beauty brand, owned by Paragon Technology & Innovation. Directly comparable as a multi-brand halal beauty conglomerate serving Muslim consumers across SE Asia with similar portfolio breadth and certification-led positioning.
• Emina: Indonesian halal beauty brand by Paragon targeting younger Muslim consumers. Comparable as a halal-certified, multi-brand beauty platform within the same parent ecosystem as Wardah, addressing the same demographic Believe targets with ZM and Lafz.
• Safi: Malaysian halal-certified skincare brand with strong SE Asian Muslim consumer reach. Comparable as a regionally dominant halal skincare player competing for the same Malaysian and broader ASEAN Muslim consumer wallet.
• Inika Cosmetics: Australian halal-certified cosmetics brand with global distribution. Directly comparable as a halal-certified, vegan and cruelty-free beauty brand targeting Muslim consumers in Western and Asian markets with a similar ethical positioning to Believe's ZM and Lafz.
• 786 Cosmetics: UK-based halal-certified cosmetics brand selling globally to Muslim consumers. Comparable as a niche, faith-aligned beauty brand pursuing the same global Muslim consumer with similar certification-led differentiation.

Emerging players

• PHB Ethical Beauty: UK-based halal-certified, vegan and cruelty-free beauty brand. Comparable as a smaller, ethics-led halal beauty player with overlapping clean-beauty and certification positioning, though with a more limited brand portfolio.
• Huda Beauty: MENA-founded global beauty brand built around Middle Eastern Muslim consumer tastes. Comparable as a Muslim-heritage beauty brand pursuing global scale, though not strictly halal-certified, making Believe's positioning more defensible within strict-compliance segments.
• Lush: Global ethical beauty brand built on vegan, cruelty-free and (where certified) halal positioning. Comparable as an ethics-first beauty operator with overlapping clean-beauty and faith-friendly product lines, though without Believe's dedicated halal focus.

Broad incumbents

• Estée Lauder: Global prestige beauty conglomerate with growing halal-certified product lines in MENA and Asia. Comparable as a multi-brand beauty operator that increasingly overlaps with Believe's premium and mass-premium halal positioning through dedicated lines.
• L'Oréal: World's largest beauty conglomerate with an expanding halal-certified portfolio across MENA and South Asia. Comparable as a multi-brand beauty platform whose scale, R&D and distribution capacity pose a long-term competitive threat to Believe in halal-certified segments.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/believesingapore

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds2 records

Investors8 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Believe