Bombay Shaving Company, a brand known for its men's consumer care products, has announced that it has raised $2.3 million in a pre-series A round led by Fireside Venture Fund. The round has seen participation from 9 existing investors including S Ramadorai, former CEO at TCS, Pankaj Gupta, Supply Director at USL Diageo and some senior partners at McKinsey & Co who wished to not be named. The company plans to use the capital to fuel branding efforts, new product development and expansion into offline sales channels like salons and supermarket chains.

"Our vision at Bombay Shaving Company has always been to create beautiful, experiential products for men. This fund raise and the investors who have joined us will help us build a direct to consumer FMCG company for an audience that is fast becoming very sophisticated," says Shantanu Deshpande, CEO. Prior to founding Bombay Shaving Company, Deshpande was a consultant at McKinsey & Co where he spent significant time serving clients in the FMCG and retail space.

Launched in June 2016, Bombay Shaving Company introduced a shaving-only portfolio which included pre-and post shaving products as well as a double-edged razor with copyright design. In one year, the company has acquired 20000+ customers and is doubling every quarter. It recently forayed outside shaving with the launch of its exfoliating soap range for men. Reviews of the products reflect a loyal following, especially among younger people who are looking for differentiated offerings.

"Young men in India are demanding more thoughtfully designed products and a wider range of options. In one year, the Bombay Shaving Company team has been able to build out a brand with emotional appeal, an engaging story and early signs of loyalty. We believe the market opportunity is tremendous as men have begun investing in the products they use and the 'grab and go' mindset is on the decline. With expansion into more categories and an aggressive sales team, there is enormous potential to build a large, premium brand for men's products" says Kanwaljit Singh, founder of Fireside Ventures.

"They have displayed an appetite for expansion. The tie-up with Affinity Salons has allowed for effective trials with target customers while the launch in US has given them instant access to a large market. They are now eyeing offline shelves in India and there are some interesting tie-ups in the pipeline," said S Ramadorai, who has backed the company since day 1.

In August 2016, the company had raised $650K from a clutch of high profile angel investors.

The men’s grooming space has seen quite a bit of action in the past with Unilever's $1 bn acquisition of Dollar Shave Club in June 2016. Bombay Shaving Company has also seen early strategic interest from large FMCG companies who are looking to enhance their digital capabilities and get access via direct to consumer platforms, said Deshpande.

Post a Comment

Previous Post Next Post
Like this content? Sign up for our daily newsletter to get latest updates.