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Indian grooming startup Bombay Shaving Co. has reportedly secured USD 6.1 million in a funding round led by British multinational consumer goods giant Reckitt Benckiser. The news comes after the intensifying competition in new age consumer brands sector in India.
As per trusted sources, other participants that were involved in the funding round were Anjali Bansal of Avaana Capital, Rajesh Sud of Bharti Enterprises, and Kuldeep Jain from CleanMax Energy. Sixth Sense Venture Partners, Colgate Palmolive, Fireside Ventures, and S Ramadorai, former VC of TCs were also some of the participants.
Following the funding round, Arjun Purkayastha, senior VP for e-commerce, digital, and ventures at Reckitt Benckiser, will join the parent company of Bombay Shaving Co., Visage Lines Personal Care Pvt. Ltd.
Shantanu Deshpande, CEO, and founder of Bombay Shaving Co. stated that out of the total funding secured in this round, USD 5.47 million is primary capital and the rest will be carried through a secondary transaction with some early backers and employees exiting.
Deshpande added that the funds will be utilized to build the brand, expand offline distribution channels and presence, increase omnichannel presence, advance R&D capabilities and launch more brands.
Previously, the men’s grooming brand raised USD 6.1 million in 2019, half of which was used to buy back shares from early capital investors and few employees. The company has reported a revenue run rate of USD 13 million as of December 2020 and expects to reach USD 20.5 by the year-end.
It is to be noted that the New-Delhi based startup, founded in 2016, which caters to shaving, body, skin, bath, bear care needs of customers, is modeled after the US-based startup Dollar Shave Club that was bought by Unilever for approximately USD 1 billion in 2016, cited sources familiar with the matter.
Bombay Shaving Co.’s top competitors are Gillette and Emami, as well as newcomer grooming brands including The Man Company, Happily Unmarried, and Beardo.
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