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Men’s grooming brand Beardo has raised $500,000 seed funding from Mumbai-based Venture Catalysts.
Ahmedabad-based Beardo, founded by Ashutosh Valani and Priyank Shah, is also backed by bollywood actor-turned-entreprenuer Suniel Shetty.
The investment round was led by Raj Vazirani - RHV Enterprise, Siddharth Somaiya of Godavari Biorefineries and Somaiya Group, Rohit Parakh – Diector, Touchstone Services, CA Anuj Golecha and Apoorv Ranjan Sharma - Co-Founders, Venture Catalysts, and many other experts from the FMCG space.
Apoorv Sharma, Co-founder, Venture Catalysts, said: “We feel Beardo is tapping the highly emerging Indian men’s grooming space. This space has recently created lot of buzz in the industry. Talented and experienced founders of Beardo are building awesome business while keeping in mind the product’s quality, margins, distribution and expansion reach.’’
Beardo, men’s personal care and grooming brand, began with just beard oils and today its range includes beard washes, beard balm, beard and hair growth oil, serum, face washes, beard & hair wax, soaps, beard combs and many more.
The grooming brand provides wide personal hair and body care offerings. It markets product under two categories Beardo and Beardo Lite (Premium brand).
It is currently the top selling brand in men’s grooming category on India’s top e-commerce such as Flipkart, Amazon, Snapdeal & Nykaa. It has also tied up with about 200 salons across Ahmedabad, Pune, Mumbai, Surat and Delhi for its reach.
In just 10 months of its operations, the company has crossed the GMV of Rs 120 lakh per month. It gets about 500 orders per day.
The Indian men’s grooming market is growing and is growing fast at 42 per cent CAGR. In the last two years, several start-ups such as Bombay Shaving, Ustraa, The Man Company and Happily Unmarried are trying to cater the growing needs of the Indian meterosexual man.
At present, there are not many Indian brands in the country in this segment, which is dominated by multinationals like Colgate, Nivea and Gillette. The only Indian brand that has a decent presence is Park Avenue.
According to industry experts, the Indian men's grooming market is projected to touch sales of Rs 14,200 crore by 2020, up from Rs 3,000 crore in 2010. At present it is Rs 7,500 crore.
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