Male grooming brand Bombay Shaving Company announced that they have raised $6.3mn in Series B round of funding led by Sixth Sense Ventures. Existing investors, Colgate-Palmolive also participated in the funding round. Overall, the company has raised $11.2mn in funding to date.
The company plans to utilize these funds for brand building, expanding presence in larger skincare category and to penetrate deeper into shaving products segments.
The company has also claimed to have created exit opportunities for 30 angel investors and early employees during the current transaction.
“We don’t believe in large fund infusions. However, exits for angels and early employees is an extremely positive outcome. Wealth creation is what drives us,” said Shantanu Deshpande, founder of Bombay Shaving Company.
Deshpande, a former McKinsey & Co consultant, had launched Bombay Shaving in June 2016. The company now has more than 45 products for shaving and other personal-care categories.
“We sense that skincare and personal care have amongst the lowest per capita spend in India, and directionally we see it going only one way. Being digital-first is an exciting way of creating a market before exploiting the physical distribution model,” said Nikhil Vora, founder of Sixth Sense Ventures.
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