Bombay Shaving Company is a grooming and personal care brand owned by Shantanu Deshpande. The company has been able to raise around Rs. 24 crore, which is around $3 million in debt financing. The financing is done by Mumbai-based Alteria Capital.
The successful funding will allow the startup to step into the next phase of its journey. ‘We are anticipating around 35% growth in the next FY25. This is an important stage that will help in enhancing the visibility of the brand through investment in brand campaigns for our important power products,’ according to Shantanu, the CEO of the company.
The active presence of Bombay Shaving Company
From the day the company started, it has evolved beautifully. It started as a men’s grooming brand but evolved into an omnichannel entity involving grooming essentials for women as well.
Bombay Shaving Company claims that they have a diversified product range and a massive presence on leading e-commerce platforms. Plus, they have more than 40,000 retail outlets, providing a global audience.
With the fresh funds, Shantanu revealed that the company is going to focus on the razor segment, which is its main category, along with developing new products and widening its market reach.
Before this, Bombay Shaving Company raised around Rs. 50 crore from Gulf Islamic Investments LLC, which was a part of their Series C funding round. Also, the company is supported by Malabar Investment Advisors, Patni Wealth Advisors, Reckitt, Sixth Sense Ventures, etc.
Bombay Shaving Company: Working on market penetration
Shantanu outlines various plans to widen the physical market presence of Bombay Shaving Company. The aim is to expand from 12 to 15 cities. Also, the brand is working to deepen its market penetration while enhancing consumer accessibility in the country. It is marking a huge leap in the offline channel exploration of Bombay Shaving Company.
Altera Capital’s managing partner lauds the company
The managing partner of Altera Capital Ankit Agarwal lauded the company, Bombay Shaving Company. It was primarily for its disruptive influence in the booming sector of grooming. Traditionally, this grooming sector was dominated by strong and already existing brands.
Ankit Agarwal highlighted that the Bombay Shaving Company’s innovative and unique product formulations, along with the introduction of new subcategories as well as advanced distribution strategies, are the main reasons behind its popularity among consumers. No wonder Bombay Shaving Company has become the top choice of consumers.
However, the company recently announced that it has raised around Rs. 1550 crore in its third funding round. This funding surpasses the initial company target of around Rs. 1000 crore. Alteria, known for investing in startups such as Rebel Foods or Ather, is now aiming to continue offering its support in diverse sectors, along with consumer brands and emerging areas like space tech, Gen AI, etc.
