Male grooming brand Bombay Shaving Company has raised an undisclosed amount in its Series A round of funding led by consumer goods major Colgate-Palmolive.
The company's existing investor Fireside Ventures also participated in the round, a company statement said.
As part of the transaction, Colgate-Palmolive has picked up a minority stake in the Mumbai-based company.
The startup will use the capital to invest in brand building, product development and to expand capabilities in technology and sales.
"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.
The startup 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.
Visage Lines Personal Care Pvt. Ltd, which runs Bombay Shaving Company, 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.
The company has a portfolio of over 30 products across shaving, bath and body, skin and beard care categories. It claims to have over 80,000 subscribed clients.
"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.
Last year, FMCG major Emami Ltd forayed into the men’s grooming products space by picking up 30% stake in The Man Company.
Marico Ltd, the maker of Parachute hair oil and Saffola cooking oil, also entered the male grooming market by picking up 45% stake in Zed Lifestyle Pvt Ltd, which owns Beardo.
Others startups in the men’s grooming segment include Ustraa and LetsShave.
