Bombay Shaving Company gains Rs 45 crore investment
Male personal care brand Bombay Shaving Company has raised Rs 45 crore ($6.76 million) in a funding round led by Sixth Sense Partners, as 25 angel investors partially exit the business.
Bombay Shaving Company’s new funding round was led by ex-IDFC Securities’ managing director, Nikhil Vora and his domestic consumer-centric venture fund, Sixth Sense Partners, TNN reported. The funding round also saw existing investor Colgate-Palmolive contribute.
Twenty five angel investors also took the opportunity to partially exit the company including McKinsey and S Ramadorai, former CEO of TCS. The angel investors made approximately a six-fold return on investments, according to the business.
“We don’t believe in large fund infusions,” Bombay Shaving Company founder, Shantanu Deshpande, told TNN.
“Exits for angels and early employees is a positive outcome.”
The brand continues to expand its product lines and also recently launched a new wedding-themed range for the current winter wedding season.
The product line includes gift boxes featuring shampoo, beard oil, face wash, and conditioner.
Launched in October 2015, Bombay Shaving Company retails from its dedicated e-commerce store, where it has reported over 100,000 customers.
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