Bombay Shaving Company in talks to raise funds, plans to expand portfolio
Homegrown grooming brand Bombay Shaving Company is in talks with investors to raise funds, as it looks to diversify its product portfolio, with the addition of new categories and products.
Bombay Shaving Company has so far raised about Rs 80 crore ($10.5 million) from Colgate Palmolive, Sixth Sense Venture Partners, Fireside Ventures, and other prominent angel investors.
With the funding and expansion of product portfolio, the brand expects to make deeper inroads in the country’s personal care space and plans to expand its offline stores.
“The rapid acceleration in adoption of digital platforms by consumers during the pandemic for personal care product purchases helped the company witness strong growth trends. We also ventured into a completely new category with the launch of grooming products for women earlier this year. These have already emerged as among our top selling products,” Shantanu Deshpande, CEO and founder Bombay Shaving Company, told Businessline.
“We have seen a huge jump and expect to close FY21 with gross annualised revenues of Rs 105 crore. As a brand, we have been focusing on an omni-channel strategy and expanding access to our products across physical stores is a critical focus for us,” Deshpande added.
Bombay Shaving Company retails a range of skincare, shaving, hair care, and other personal care products and caters to millennial consumers across India. The brand retails its products in over 8,000 stores across 20 cities.
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