Shantanu Deshpande's Bombay Shaving Company raises Rs 24 crore debt from Alteria Capital

Shantanu Deshpande's grooming and personal care brand, Bombay Shaving Company, has raised Rs 24 crore (or approx $3 million) in debt financing from Mumbai-based Alteria Capital.

The funding will help the startup in the next phase of its growth journey. "We anticipate approximately 35% growth in FY25. It is crucial at this point to enhance the brand’s visibility through investments in brand campaigns, particularly for our core power products," Deshpande said, who is also the CEO of the company. 

Bombay Shaving Company's presence 

Since its inception in 2016, Bombay Shaving Company has evolved from a men’s grooming brand into an omnichannel entity encompassing women’s grooming essentials.

The startup claims that its diversified product range has a wide presence across major ecommerce platforms and over 40,000 retail outlets, catering to a global audience. With the fresh funds, Deshpande reveals plans to sharpen the focus on the razor segment, their primary category, alongside developing new products and expanding their market reach.

Prior to this, It raised Rs 50 crore from Gulf Islamic InvestmentsLLC (GII) as part of its Series C funding round. It is also backed by Malabar Investment Advisors, Sixth Sense Ventures, Patni Wealth Advisors, Access VC, and Reckitt, among others. 

Deepening market penetration

Deshpande outlined strategic plans to broaden the company's physical market presence, aiming to expand from 12 to 25 cities. The brand intends to deepen its penetration and enhance consumer accessibility across the country, marking a significant leap in its offline channel exploration.

Altera Capital's Agarwal lauds Bombay Shaving Company

Alteria Capital’s managing partner, Ankit Agarwal, lauded Bombay Shaving Company for its disruptive influence in the grooming sector, traditionally dominated by heavyweight brands. 

Agarwal highlighted the startup's innovative product formulations, creation of new subcategories, and advanced distribution strategies as key differentiators that have positioned it as a top choice among consumers.

The firm recently announced the closure of its third fund at Rs 1,550 crore, surpassing its initial target of Rs 1,000 crore. Alteria, which is known for its investments in startups like Rebel Foods and Ather, aims to continue its support across diverse sectors, including consumer brands, fintech, and emerging areas like Gen AI and spacetech.