Bombay Shaving Company has raised Rs 50 crore from Gulf Islamic Investments (GII), which will help it gain access to the Middle East region.
Grooming startup, The Bombay Shaving Company was founded in 2015 by Shantanu Deshpande, Rohit Jaiswal, Raunak Munot & Deepu Panicker.
“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,” Shantanu Deshpande, founder CEO of BSC, said.
Bombay Shaving Company further said that it plans to scale its operations to Rs 500 crore top line with an omnichannel presence in the next two years, and will deploy the funds towards expanding its portfolio of personal care and hair removal products.
“We love the company’s focus on hair removal and personal care as a category. It is a deep market, there is first mover advantage and the company has demonstrated strengths in building innovative products. We are thrilled to partner with Shantanu and team” said Pankaj Gupta and Mohammed Alhassan, Co-Founders and Co-CEOs, Gulf Islamic Investments (GII).
The statement said the Series C is the 6th round of financing for the company that counts Reckitt, Colgate Palmolive, Sixth Sense Venture Partners, and former TCS head S Ramadorai and 16 senior partners from McKinsey & Company as investors.