Comments
Grooming solutions brand Bombay Shaving Company (BSC) has raised ₹160 crore in a round led by hedge fund Malabar Investments. The Series C round also saw participation from Patni Advisors, Singularity AMC and other HNIs.
The company said the funds will be utilised for strengthening its offline presence, aid product innovation and for international expansion. “ESOP sales for some employees and exits for early investors to the tune of ₹45 crore was another feature of this round,” it added.
Global partners
This is the 6th round of financing for the company, which is backed by global strategic partners such as Reckitt and Colgate Palmolive besides Sixth Sense Venture Partners and other investors.
Shantanu Deshpande, Founder & CEO, Bombay Shaving Company, said, “We expect to clock ARR (annual recurring revenues) of ₹150 crore by the end of this financial year. We aim to touch the ₹500 crore-mark in revenues in the next two years.”
He said the company is looking at acquisition of brands in “adjacent categories” and content platforms and is already in advanced talks to raise additional ₹300 crore from investors.
Founded in 2016, BSC has aggressive plans for offline expansion as part of its omni-channel strategy as well as foray into international markets such as US, Europe, GCC and Australia.
Deepak Gupta, Chief Operating Officer, Bombay Shaving Company, said, “We plan to scale up the brand’s presence from about 50,000 to about 200,000 stores across the country. We also have a strong pipeline of new launches to expand our portfolio of personal care and hair removal products in 2022.”
The D2C company said it is already clocking 1.5 million shipments in a quarter and expects the international channel to add 10-15 per cent to its overall revenues in the next 18-24 months.
“In a short period of time, Bombay Shaving Company has built a sizeable business and a differentiated franchise despite heavily established competition. We believe hair removal is a large market and BSC has emerged as a strong challenger brand,” added Sumeet Nagar, Managing Director, Malabar Investments.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.