Bombay Shaving Company raises Rs 50 cr and increases the size of its Series C round to Rs 210 cr
Bombay Shaving Company – As part of a Rs 160 crore Series C investment round overseen by Indian hedge fund Malabar Investments, the Bombay Shaving Company (BSC) has raised Rs 50 crore from Gulf Islamic Investments (GII).
Reckitt Benckiser, Colgate Palmolive, Sixth Sense Venture Partners, and industry heavyweights (including former TCS vice-chairman S Ramadorai and 16 senior partners from McKinsey & Company) are among the investors in According to a statement made on Friday, this is the company’s sixth round of fundraising.
This brings the total to Rs 210 crore. The capital round occurred 11 months after the Bombay Shaving Company received Rs 45 crore in funding from Reckitt Benckiser, a major FMCG company.
The company’s concentration on hair removal and personal care as a category is one of our favorites. It’s a large market with a first-mover advantage, and the company has a track record of developing unique products.
Pankaj Gupta and Mohammed Alhassan, Co-Founders and Co-CEOs of Gulf Islamic Investments, said, “We are happy to join with Shantanu and his team” (GII).
Bombay Shaving Company
Bombay Shaving Company also stated that it plans to scale its operations to Rs 500 crore top line with an omnichannel presence in the next two years and that the funds will be used to expand its portfolio of personal care and hair removal products.
“GII will also be advantageously positioned to provide access to GCC markets in addition to the company’s previously established domestic market knowledge,” the statement continued. BSC began as a premium, direct-to-consumer (D2C) shaving regimen company in 2016 and has subsequently expanded into a variety of hair removal categories. BSC entered the women’s hair removal market in 2020 with their brand ‘Bombay Shaving Company-Women,’ which today accounts for over 25% of total revenue.
“GII is a welcome addition to our cap table. We are solely focused on creating a hair removal and personal care brand that is unrivaled. As we scale from Rs 150 crore to 500 crores and 1000 crore, we required an investor group that could educate us on establishing an IPO-able firm,” said Shantanu Deshpande, founder CEO of BSC.
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