Delhi-based grooming startup Bombay Shaving Company has raised Rs 15 crore in funding from its existing investor Sixth Sense Ventures. This round comes right after the startup raised Rs 45 crore in a funding round led by British multinational consumer goods company Reckitt Benckiser in January 2021.
With this funding round, Sixth Sense Ventures now owns about 24 percent of the startup.
Speaking about the investment, Shantanu Deshpande, Founder and CEO of Bombay Shaving Company, said that the startup is looking to build its brands and further scale its business via offline and online channels.
“Thrilled to see Sixth Sense Ventures doubling down on their investment in us. Our primary goal now is to build a leadership team to take us from a startup to an established FMCG organisation. Our growth plans include building our brands, rapid scale in online and offline expansion, and focus on winning categories. Always good to see deserving tenured colleagues liquidate some stock along the way, too,” Shantanu said in a statement.
The startup, launched in 2016, is a premium personal care brand for men and women which offers products for bath and body, skin, and beard care. It claims that, within the last six months, it has also grabbed a 7 percent share in women’s shaving space which has recorded an accelerated growth amid the pandemic.
“Bombay Shaving Company is aiming to get to Rs 500 crore top line in the next three to your years,” the statement noted.
Apart from Sixth Sense Ventures and Reckitt Benckiser, the startup had also raised funding from about 30 angels and Colgate Palmolive.
Speaking about the investment, Nikhil Vora, Founder of Sixth Sense Ventures, said, “Bombay Shaving Company has grown 3X since pre-COVID-19, found product-market fit in core categories, is expanding aggressively, and the team is incredible. With Reckitt joining the journey, we are very bullish and see the company continue to grab share across channels and categories. There are always founders whom we would love to back at all points, Shantanu is one such!”