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Sidharth Oberoi, Founder of LetsShave
Self-grooming products company LetsShave has raised an undisclosed amount in a funding round led by technology company Wipro's consumer goods arm, taking its total fundraise amount to over $6 million since inception.
The startup plans to use the fresh funds to expand its online presence, focusing primarily on hair removal with products aligned ahead, foraying into foreign markets, and taking baby steps in offline channels in India.
Wipro India and the razor company Dorco Korea together hold more than 25% of LetsShave, more than 70% share.
"We expect to touch over INR 50 crore in revenue in the next few years. Keeping the vision towards India intact, we try to pack and assemble all our imported products in India to add our bit to creating more jobs here. We would like to walk and jog in our business as we have to go a long way. Our DNA is to build a sustainable and profitable business without bleeding heavily. We will make LetsShave a profitable business within the one-year period, aiming to be the number one shaving brand online," said Sidharth Oberoi, Founder of LetsShave.
"LetsShave has shown promising growth and has been able to expand its consumer base with the launch of a new category of product range in high quality trimmers etc. They operate in a large market of razors, blades, trimmers, and with their strong execution abilities are on a path of rapid growth. We are happy to do follow-on funding in LetsShave," said Sumit Keshan, Managing Partner of Wipro Consumer Care.
"The powerful combination of our high-quality products and LetsShave's passionate team, digital marketing expertise, and technical capabilities combined with Wipro's deep knowledge and experience in the Indian market will enable us to further reach the millennial population, and together we’ll be able to create LetsShave an even stronger brand for Indian consumers," Ken Kwak, Global Director of DORCO Korea, said.
Additionally, The company plans to raise another $7 million in the next three years and achieve a revenue of Rs 200 crore, the company said in a statement. LetsShave has been growing over 30% on average and is EBITDA positive in the current year, according to the company.
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