Male grooming brand Bombay Shaving Company has raised Rs 45 crore ($6.3 million) in its Series B round of funding led by venture capital firm Sixth Sense Ventures.
Existing investor Colgate-Palmolive Company also participated in the round, Bombay Shaving said in a statement.
The company plans to use the capital to build its brand, expand its presence in the larger skincare category and penetrate deeper into the shaving products segment.
The company claims it has also created exit opportunities worth Rs 20 crore for 30 angel investors and early employees during this transaction. Overall, the company has raised Rs 80 crore in funding till date.
“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.
Vora founded Sixth Sense Ventures in 2014. The firm is investing out of its second fund, which marked the final close at Rs 515 crore ($68 million) against the original target of Rs 350 crore ($54 million) within nine months.
Its investments from the second fund include Rakesh Jhunjhunwala-backed Fullife Healthcare Pvt. Ltd, which sells sports nutrition supplements under the brand Fast & Up, AVG Logistics, and Eupheus Learning. Earlier this year, Sixth Sense Ventures led a Series C funding round in Delhi-based online retailer Vahdam Teas Pvt. Ltd.
Bombay Shaving is one of several startups that have emerged in recent years that focus on grooming and personal care. Others startups in the men’s grooming segment include Ustraa and LetsShave.
In October this year, actor Ayushmann Khuranna invested an undisclosed amount in grooming brand The Man Company. Marico Ltd, the maker of Parachute hair oil and Saffola cooking oil, has also entered the male grooming market by picking up a 45% stake in Zed Lifestyle Pvt Ltd, which owns Beardo.