Bombay Shaving Company, an India-based premium personal care and grooming solutions brand, has raised USD 21.5 million ( INR 160 crore) in a Series C funding round led by Malabar Investments, a hedge fund based in India, on 5 January 2022.
[USD 1 = INR 74.44]
Investors: A hedge fund based in India, Malabar Investments, led the latest funding round with participation from Patni Advisors, Singularity AMC, and others. It has also paved the way for exits and employee stock ownership plan (ESOP) sales worth over USD 6 million (Rs 45 crore) for some of its employees and early investors, the company said in a statement.
The Objectives behind the funding: The company plans to deploy the current proceeds to expand its product line, offline distribution, build an international presence, invest in brand building and hire talent across positions.
About Bombay Shaving Company
Founded in 2015 by Shantanu Deshpande and Rohit Jaiswal, Bombay Shaving Company manufactures personal products to promote personal health. The company’s platform provides various products and kits such as razors, blades, scrubs, lotions, creams and grooming kits, thereby enabling customers to choose from a variety of personal products and get them delivered to their doorstep. BSC started as a premium, D2C, experiential shaving regimen brand and has since expanded into diverse hair removal categories. In 2020, BSC forayed into women’s hair removal with their brand ‘Bombay Shaving Company–Women’, which now accounts for nearly 25% of the total business.
BSC has a rich portfolio of over 100 SKUs – comprising hair removal products for both men and women. BSC has served over 3 million customers across channels in the six years of its existence. With a finger on the pulse of customers, the brand is seen to be conscious, sensitive, and responsible.
What the Founder has to say:
“We are delighted to have investors of such calibre join our cap table. We are singularly focused on building a brand that owns hair removal. As we scale from Rs 150-500 crore and Rs 1000 cr, we needed an investor group that could guide us on building an IPO-able company,” said Shantanu Deshpande, founder CEO of BSC.
What the Investor has to say:
“We love the passion of the team, their consumer orientation, and product innovation. In a short time, they have built a very sizable business and have a solid intrinsic. We believe hair removal is a large market, and Bombay Shaving Company has emerged as a serious challenger across categories. We are thrilled to partner with them,” said Sumeet Nagar, Managing Director at Malabar Investments.
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