Wipro invests undisclosed amount in grooming startup LetsShave
Chandigarh-based LetsShave plans to further raise $7 million in the next three years and achieve a revenue of over Rs 200 crore in the same period.
LetsShave, a direct-to-consumer (D2C) brand focused on grooming products, has raised an undisclosed amount of funding from Wipro's consumer goods arm. With this round, has raised a total of $6 million in funding.
The Chandigarh-based firm offers shaving and personal care products, including razors, blades, and trimmers, through a partnership with DORCO. The company has served over a million customers and has sold more than 10 million products till date. It also sells on ecommerce platforms including Amazon, Noon, and Walmart in the UAE, the US, Canada, the UK, Australia, and Europe.
The company plans to use the funds to strengthen its online presence in the country, it said on Tuesday. It aims to touch Rs 50 crore in revenue in the next few years, Sidharth Oberoi, Founder and CEO of LetsShave, told YourStory, adding that it will continue to assemble all its imported products in India to generate jobs within the country.
"We will make LetsShave a profitable business within a year," Oberoi added.
In 2020, Wipro had invested close to $2.5 million in LetsShave with participation from Korean grooming firm DORCO. Collectively, both firms own up to 25% of the company.
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.
The company is also looking to steadily expand its offline presence. In addition to the D2C business, LetsShave also supplies razors to hotels such as Marriott Group, St. Regis, and Ritz Carlton.
"LetsShave has shown promising growth and has been able to expand its consumer base with launch of 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," said Sumit Keshan, Managing Partner at 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.
Edited by Megha Reddy
