New Delhi-based personal care and hair removal brand Bombay Shaving Company recently said it has raised Rs 50 crore from Gulf Islamic Investments (GII), which will help it gain access to the Middle East region. It is a follow on to its ₹160 crore Series C led by Malabar. This take the Series C round size to ₹210 crore. The company is backed by two strategic investors – Colgate Palmolive and Reckitt.
“We love the company’s focus on hair removal and personal care as a category. It is a deep market, there is a first mover advantage and the company has demonstrated strengths in building innovative products,” co-chief executives of GII Pankaj Gupta and Mohammed Alhassan said in a statement.
Without disclosing the current revenues, the statement said the company is targeting to scale operations to have a top line of Rs 500 crore top line in the next two years, and will deploy the funds towards expanding its portfolio of personal care and hair removal products.
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Launched in 2016 by ex McKinsey & Co consultant Shantanu Deshpande, Bombay Shaving Company started as a premium, D2C, experiential shaving regimen brand and has since expanded into diverse hair removal categories. In 2020, BSC forayed into women’s hair removal with their brand ‘Bombay Shaving Company–Women’ which now accounts for nearly 25 percent of the total business.
Bombay Shaving Company has a portfolio of over 100 SKUs – comprising hair removal products for both men and women. The list includes: shaving regimens, trimmers, beard products, razors for women, wax strips, hair removal creams, and other personal care products and accessories. BSC claims to have served over three million customers across channels in the six years of its existence.
“We are singularly focused on building a brand that owns hair removal and personal care. As we scale from Rs 150 crore to Rs 500 crore and Rs 1,000 crore, we needed an investor group that could guide us on building an IPO-able company. Interactions with GII were always focused on the right things – customer, product experience and team quality,” said Shantanu Deshpande, Founder CEO of BSC.
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