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Personal care brand Bombay Shaving Company has raised ₹50 crore from Gulf Islamic Investments (GII). It is a follow on to its ₹160 crore Series C led by Malabar. This take the Series C round size to ₹210 crore. The company is backed by two strategic investors – Colgate Palmolive and Reckitt.
“We love the company’s focus on hair removal and personal care as a category. It is a deep market, there is first mover advantage and the company has demonstrated strengths in building innovative products. We are thrilled to partner with Shantanu and team,” said Pankaj Gupta and Mohammed Alhassan, Co-Founders and Co-CEOs, Gulf Islamic Investments (GII), in a statement.
Scale up operations
The company said it plans to scale operations to ₹500 crore top line with an omnichannel presence in the next two years, and will deploy the funds towards expanding its portfolio of personal care & hair removal products.
“GII will also be strategically positioned to provide access to GCC markets in addition to already existing domestic market expertise the company has attained,” it added.
Launched in 2016, BSC has a portfolio of over 100 SKUs comprising of hair removal products for both men and women.
“We are delighted to have GII join our cap table. We are singularly focused on building a brand that owns hair removal and personal care. As we scale from ₹150-500 crore and ₹1,000 crore, we needed an investor group that could guide us on building an IPO-able company,” said Shantanu Deshpande, Founder & CEO of Bombay Shaving Company.
This series C is the 6th round of financing for the company that has Reckitt, Colgate Palmolive, Sixth Sense Venture Partners besides other as investors.
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