The Busy Brains
30 May 2023
Wipro Consumer Care Ventures has acquired an additional stake in LetsShave, a Chandigarh-based personal care company, supporting its international expansion plans. Discover more about LetsShave's product portfolio and its strategic partnerships with global industry leaders.
Wipro Consumer Care Ventures has recently invested an undisclosed amount to acquire an additional stake in LetsShave, a personal care company based in Chandigarh. This latest funding round brings Wipro and South Korea-based razor manufacturer Dorco's combined ownership in LetsShave to 25%. Since its establishment, LetsShave has raised a total of $6 million in funding.
Sidharth Oberoi, the founder of LetsShave, stated that the fresh capital would be utilized for international expansion, marketing initiatives, and inventory development. As part of its growth strategy, LetsShave also aims to enter offline channels with the support of the new funding. Oberoi did not disclose the specific amount received in this funding round.
“We expect to touch revenue of over Rs 50 crore in the next few years…the company has already entered global markets while also selling on major ecommerce platforms such as Amazon, Noon and Walmart, covering the UAE, the US, Canada, the UK, Australia and Europe,” Oberoi said.
LetsShave, founded in 2015, initially started as a brand offering shaving products for both men and women. Over time, it has expanded its presence in the men's grooming segment. The company's product portfolio now includes razor blades, pre-shave foam, after-shave balm, and more. In the Indian market, LetsShave sells its products directly and through popular e-commerce platforms such as Amazon, Flipkart, Nykaa, and Myntra.
"We consider razor blades to be our main business, and other products are add-ons,” Oberoi said. “LetsShave has sold more than 10 million products split across more than 27 stock-keeping units,” he added. “Our DNA is to build a sustainable and profitable business without bleeding heavily. We will make LetsShave a profitable business within a year…," Oberoi said.
In February 2020, LetsShave previously secured funding from Wipro Consumer Care Ventures and Dorco. With the continued support of strategic investors like Wipro, LetsShave aims to further strengthen its market presence and expand its reach globally.
“LetsShave has shown promising growth and has been able to expand its consumer base with the launch of a new category … in high quality trimmers. They operate in a large market of razors, blades, trimmers, and with their strong execution abilities are on a path of rapid growth. We are happy to do follow-on funding in LetsShave,” said Sumit Keshan, managing partner, Wipro Consumer Care Ventures.
Wipro Consumer Care Ventures has been actively investing in the personal care and grooming industry, supporting promising brands in their growth journeys. In addition to LetsShave, Wipro has also backed other notable startups, including men's grooming brand Ustraa, beauty and cosmetics company MyGlamm, and nutraceuticals brand Onelife.
LetsShave's partnership with Wipro and Dorco signifies the company's dedication to offering high-quality personal care products and its ambition to capture a significant share in the global market. With a focus on innovation and strategic collaborations, LetsShave is poised for continued success in the personal care industry.