Bombay Shaving Company (BSC), a young men’s online grooming brand, has raised an undisclosed amount in Series-A funding from Colgate-Palmolive Asia Pacific Limited and Fireside Ventures.
While Fireside Ventures is an existing investor, Colgate-Palmolive has backed BSC for the first time, and as a part of the transaction, it has acquired a minority financial stake in the company.
According to the statement released by the company, the funds will be utilised in brand building, product development, and expanding capabilities in technology and sales.
Shantanu Deshpande, Chief Executive at BSC said, “We are thrilled to have raised money from investors dedicated to Consumer Packed Goods (CPG) space. Our product has proved to be a market fit with a promising response on repeated rates. With the recent funding, we intend to scale the brand.”
How the new partnership with Colgate-Palmolive would help?
A long-term investor of BSC, S Ramadorai, said that the BSC would gain from decades of experience of Colgate-Palmolive. The partnership will help BSC grow its brand and reach, and establish synergies across technology, direct-to-consumer distribution, and supply chain.
What has gained investors’ trust into BSC?
Kanwaljit Singh, Founder of Fireside Ventures and board member at BSC, said that the company has been able to build a strong brand with a compelling emotional narrative which has been successful in appealing to young men in India who are now demanding more thoughtfully made products. Launched in June 2016, Bombay Shaving Company has expanded rapidly in both its reach as well as in the range of products it offers. The company now caters to 80,000+ customers with more than 30 varieties of products across shaving, bath and body, skin and beard categories.
India’s male grooming industry: Up, up and aboveAccording to a report released by the Associated Chambers of Commerce & Industry of India (Assocham), the male grooming industry in India currently stands at Rs 16,800 crore, and is expected to reach Rs 35,000 crore by 2021, growing at a CAGR of 45%.
The convergence of factors like rapid urbanisation, rising per-capita income and the desire to look good among Indian men can be attributed to the sudden boom in the industry.
Notably, the report found that men in the age group of 25-45 spend more on grooming and personal care products than women. While shaving products hold the largest market share in terms of revenue, followed by deodorants and antiperspirants, products for skin lightening and hair colour are the other popular choices of the Indian men.