[Funding alert] Wipro Consumer Care – Ventures to invest in grooming startup LetsShave
Wipro Consumer Care – Ventures, the venture capital fund of Wipro Consumer Care and Lighting, has announced that it will invest in the men and women’s grooming products startup LetsShave.
In a statement, the Chandigarh-based startup said that Wipro Consumer Care – Ventures has acquired a minority stake and has signed an agreement to invest in the startup.
Sumit Keshan, Managing Partner, Wipro Consumer – Venture said,
“LetsShave offers high-quality products and is a challenger brand in a space dominated by a single large player. They are a promising team and have the ability to understand consumer requirements, identify opportunities, and meet them in quick cycle time. This investment is in keeping with the company’s strategy of leveraging emerging online opportunities addressed towards the millennial population.”
Sumit added that with this investment, Wipro Ventures will increase its portfolio in the short to medium term as part of its strategy of investing in innovative startups in the space of consumer brands and consumer-tech domains in India and South-East Asia.
Founded in 2015 by Sidharth Oberoi, LetsShave sells razors, spare blades, shaving brushes, shaving foam, body scrubs, and travel bags. It claims to have a user base of over a half-million with a repeat rate of over 40 percent, serving more than 18,000 pincodes in India.
Sidharth said, “We had started our journey four years ago and have made a strong presence with huge acceptance from our consumers for our products. We are excited to partner with Wipro who has a deep understanding of Indian consumers. With their support, we plan to chart a strong growth trajectory and are committed to making LetsShave a sustainable and responsible one-stop solution provider for shaving systems, personal care and grooming for men and women.”
The startup has partnered with California-based razor manufacturer Dorco to deliver high-quality razors to its customers. According to the statement, Dorco recently increased its stake in the company from 10 percent to 15 percent.
It has recently entered into the shower, body care, beard products, and electric trimmers categories. These products are available on marketplaces such as Amazon, Nykaa, Flipkart, Paytm, Bigbasket, and Snapdeal.
(Edited by Saheli Sen Gupta)