Bombay Shaving Company raises Rs 160 crore
Grooming solutions brand Bombay Shaving Company (BSC) has raised Rs 160 crore ($22 million) 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 will utilise the funds to strengthen its offline presence, aid product innovation and for international expansion in markets such as the U.S., Europe, GCC and Australia.
Commenting on the funding, Shantanu Deshpande, founder and CEO, Bombay Shaving Company in a statement said, “We expect to clock ARR (annual recurring revenues) of Rs 150 crore by the end of this financial year. We aim to touch the Rs 500 crore-mark in revenues in the next two years.”
Deepak Gupta, chief operating officer, Bombay Shaving Company added, “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.”
Launched in June 2016 by Shantanu Deshpande, 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 and leading e-commerce platforms.
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