Bombay Shaving Company raises ₹136cr to scale before IPO
What's the story
Homegrown grooming start-up Bombay Shaving Company (BSC) has raised ₹136 crore ($15.3 million) in a funding round led by Sixth Sense Ventures. The investment also saw participation from BSC's founder and CEO Shantanu Deshpande, Patni Family Office, GII and other high-net-worth individuals (HNIs), including former Indian cricketer Rahul Dravid. The latest round takes the total funding raised by Gurugram-based BSC to $51.5 million since its inception in 2015.
Growth strategy
Fresh capital to help BSC expand its reach
The fresh capital will be used to expand BSC's omnichannel presence, deepen retail reach, and invest in capabilities and brand-building. This is all part of a strategy to strengthen its leadership position across high-growth segments in India's beauty and grooming market. The company has reported a net revenue run rate of over ₹550 crore and achieved PAT profitability, doubling its performance compared to the previous year.
Future outlook
BSC plans to go public soon
Deshpande said, "Focusing on fast-evolving consumer needs, designing never-seen-before high quality products at competitive prices, and building brand remains core to what we do." He added that they plan to continue this performance and take the company public soon. "The idea is to do it sooner rather than later and carry the retail investor on our growth journey," he added.
Market position
BSC rivals Ustraa, Beardo, and The Man Company
BSC claims to have garnered strong double-digit market shares in core categories, particularly trimmers and electric shavers. The company has also expanded into the women's category with its brand Bombae. It competes with other domestic grooming brands such as Ustraa, Beardo, and The Man Company.