Colgate-Palmolive invests in a Series A capital funding in Bombay Shaving Company. The company’s existing investor Fireside Ventures also participated.
WHO: Bombay Shaving Company was launched in 2016 by former McKinsey executives Deshpande and Deepu Panicker along with Raunak Munot and Rohit Jaiswal, who were previously with advertising company GroupM. The start-up has positioned itself as a luxury brand and sells its products through a subscription model. Besides retailing from its own website, the venture sells products on e-commerce platforms Flipkart and Amazon. It competes with Delhi-based Helios Lifestyle Pvt. Ltd, which runs the Man Co., an e-commerce site for men’s grooming products.
WHY: The start-up will use the capital to invest in brand building and product development, and to expand capabilities in technology and sales.
IN THEIR OWN WORDS: “After having proven product-market fit with promising repeat rates and product response, we are now looking to scale the brand,” Shantanu Deshpande, co-founder of the company, said.
“We see BSC building a strong brand with emotional appeal and a compelling product narrative,” said Kanwaljit Singh, founder of Fireside Ventures and a board member of the venture.
“We met with the team from Colgate-Palmolive and were very excited by the synergies across technology, direct-to-consumer distribution and supply chain. The young team at BSC stands to leverage decades of experience from Colgate-Palmolive, to grow the BSC brand and reach,” S. Ramadorai, former Vice-Chairman at TCS and a long-term backer of BSC, told The Hindu Business Line.
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