Wipro Consumer Care Ventures, the venture capital fund of Wipro Consumer Care and Lighting, has acquired minority stake in personal care company LetsShave for an undisclosed amount.
Existing investor Dorco, one of the largest razor manufacturers globally, has also increased its stake to 15% from 10% in the current investment round.
With this funding, the Chandigarh-based company has raised more than Rs 30 crore, according to people aware of the matter.
“We plan to rapidly expand our newly launched portfolio of Shower, Beard, Body & Electric trimmers to focus on becoming a one-stop grooming solution for men and women,” Sidharth Oberoi, founder and CEO, LetsShave told ET.
He,however, declined to comment on the investment amount.
“While expanding across online channels, we also plan to leverage our investors to enter offline channels and target B2B and B2C channels,” he said.
Founded in 2015, LetsShave started as a men’s and women’s shaving products brand.
Since then, the company has expanded its presence in the men’s grooming portfolio to more than twenty grooming products including razor blades, shaving kits, scrubs, face wash, shampoo, conditioner, electric trimmer and beard products. It is also present in the women’s category under the brand LetsShave Evior.
Consumer brands continue to be an exciting investment bet for investors, given that it takes far less capital to build a scalable business with the rise of online channels to market and increase user base. In the last two years, 70 consumer brand companies have been funded by venture capitalists to the tune of more than $300 million, according to data from industry tracker Tracxn.
“This investment is in keeping with the company’s strategy of leveraging emerging online opportunities addressed towards the millennial population,” said Sumit Keshan, Managing Partner, Wipro Consumer Care Ventures.