Men’s grooming brand Beardo has raised $500,000 (Rs 3.32 crore) in seed funding from Mumbai-based Venture Catalysts and other investors.
Raj Vazirani of RHV Enterprise and Siddharth Somaiya of Godavari Biorefineries and Somaiya Group also invested in this round.
The funds will help Beardo expand its reach offline and upgrade logistics and infrastructure network, co-founder Ashutosh Valani said in a statement.
Ahmedabad-based Beardo was founded by Valani and Priyank Shah last year. It is also backed by Bollywood actor-turned-entrepreneur Suniel Shetty.
Apoorv Sharma, co-founder at Venture Catalysts, said Beardo is tapping into the emerging Indian men’s grooming segment, which has created a lot of buzz of late.
Beardo operates in a segment that has seen a number of startups such as Bombay Shaving Company, Ustraa, LetsShave and The Man Company emerge in recent months. Bombay Shaving Company raised Rs 4 crore in seed funding last month while The Man Company secured an undisclosed amount from investors last year.
Beardo sells hair and body care offerings under two categories, Beardo and premium brand Beardo Lite, through its own website and online retailers. It also sells its products through nearly 500 salons across Ahmedabad, Pune, Mumbai, Surat and Delhi.
The company sells beard oils, balm, serum, face washes, beard and hair wax, soaps, beard combs and other products.
The company said its gross merchandise value, or the total value of goods sold, has crossed Rs 1.2 crore a month since it began operations 10 months ago.
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