- The company has raised fresh funding of Rs15 crores from Sixth Sense Ventures and 16 more investors had also invested apart from Sixth Sense Ventures.
- The startup will use the funding for expanding its product portfolio and hiring FMCG professionals to enter into a fully untapped market.
- The company is targeting to acquire fresh funding of 500 crores in the next coming three years.
Bombay shaving company recently announced that the has raised fresh funding of Rs15 Crore in a funding round driven by existing investor Sixth Sense Ventures. Sixth Sense is owning 16 % share of the company after issuing fresh funding to the startup.
This round witness right after the startup secured Rs 45 crore in a funding round led by British multinational consumer goods company Reckitt Benckiser in January 2021.
Talking about the investment, Shantanu Deshpande, Founder, and CEO of Bombay Shaving Company said that the startup is working to strengthen its brands and expanding the presence of the business through online and offline channels.
“Thrilled to see Sixth Sense Ventures doubling down on their investment in us. Our primary goal now is to build a leadership team to take us from a startup to an established FMCG organization. Our growth plans include building our brands, rapid scale in online and offline expansion, and focus on winning categories. Always good to see deserving tenured colleagues liquidate some stock along the way, too,” Shantanu said in a statement.
The startup was set up in 2016, which is a consumer goods company that focuses on developing a range of shave care, beard care, and skincare products. As of 29th March 2021, the startup has raised $15.6 million in funding from 16 investors. The startup is headquartered in New Delhi.
According to the company in the last six months, it has secured a 7% market share in the women shaving category which is reported as significant growth amid the pandemic.
“Bombay Shaving Company is targeting to raise 500 crore funding in next coming three years.” the statement noted.
Speaking about the investment, Nikhil Vora, Founder of Sixth Sense Ventures, said, "Bombay Shaving Company has grown 3X since pre-COVID-19, found product-market fit in core categories, is expanding aggressively, and the team is incredible. With Reckitt joining the journey, we are very bullish and see the company continue to grab share across channels and categories. There are always founders whom we would love to back at all points, Shantanu is one such!”