[Funding alert] Reckitt Benckiser leads Rs 45 Cr round in Bombay Shaving Company
British multinational consumer goods company Reckitt Benckiser has led a Rs 45 crore funding round in Visage Lines Personal Care Pvt. Ltd., the owner company of the brand Bombay Shaving Company. Other HNIs that participated in the round include Rajesh Sud from Bharti Enterprises; Anjali Bansal, Founder of Avaana Capital; and Kuldeep Jain, Managing Director of CleanMax Energy.
Arjun Purkayastha, Senior Vice President, Ecommerce, Digital, and Ventures, Reckitt Benckiser, will join the Board of Visage Lines.
Commenting on the latest development, Arjun said:
“Our investment represents a commitment to bring the best of two worlds together – Bombay Shaving Company’s expertise in digital-first brands with strong ecommerce capabilities, and RB’s expertise in branding, manufacturing, and global scale. Together, this combination of complementary skills sets us up for huge success.”
Launched in 2016, the Bombay Shaving Company has a portfolio of over 100 products across shaving, bath and body, skin, and beard care. RB’s investment will support the company’s plans to scale its operations and provide access to RB’s global scale, expertise, and mentorship.
“They have an excellent record in building health and wellness brands over their 200-years heritage. Working in partnership, our young team is ambitious for what we can achieve together and scale our operations with an omnichannel presence,” said Shantanu Deshpande, Founder CEO of Visage Lines.
The company plans to scale its operations to a Rs 150 crore top line in the next fiscal. It is also expanding rapidly in offline retail distribution as the post-COVID footfalls ramp up.
“As we build omnichannel revenue streams, we are cognisant that brands will be scaled through strong digital and retail distribution. Working with strategic partners over the long term will give us significant leverage in establishing ourselves in the Indian consumer ecosystem,” said Deepak Gupta, Chief Business Officer at Visage Lines.
This will be the fifth round of financing for the company that counts Sixth Sense Venture Partners, Colgate Palmolive, and noted industry leaders like S Ramadorai, former vice-chairman of TCS, along with 16 senior partners from McKinsey & Company as investors. In 2019, the company had also enabled a Rs 20 crore exit for early angels and employees.