The grooming and personal care brand’s operating revenue grew 2.7X YoY to INR 99.93 Cr in FY22
Despite the rise in revenue, Bombay Shaving Company’s net loss widened 3X YoY to INR 42.92 Cr
Total expenses rose to INR 144.72 Cr, with marketing expenses surging 5.4X to INR 36.64 Cr
D2C grooming and personal care startup Bombay Shaving Company’s revenue from operations surged 2.7X to INR 99.93 Cr in the financial year 2021-22 (FY22) from INR 37.70 Cr in the previous fiscal year.
As a company that sells grooming and personal care products, Bombay Shaving Company earns most of its revenue through sale of goods. In FY22, it earned INR 94.7 Cr from sale of goods as against INR 37.52 Cr in FY21. Revenue from sale of services stood at INR 5.05 Cr in the year under review as against a negligible INR 8.18 Lakh in the previous year.
Total income, including other income, rose 2.6X to INR 101.79 Cr from INR 38.46 Cr in FY21, according to the filing of Visage Lines Personal Care Pvt Ltd, which operates Bombay Shaving Company, with the Ministry of Corporate Affairs.
Despite the rise in revenue, the startup’s bottom line took a hit as its cash burn also increased. Bombay Shaving Company’s net loss widened 3X to INR 42.92 Cr in FY22 from INR 14.51 Cr due to the rise in expenses.
Total expenses grew 2.7X to INR 144.72 Cr from INR 52.98 Cr in FY21. Other expenses accounted for the biggest chunk of expenses, surging 3X to INR 74.06 Cr from INR 23.59 Cr in FY21.
Other expenses included business operating expenses, advertising expenses, marketing expenses, product designing and development expenses, among others.
The startup’s spending on marketing surged 5.4X to INR 36.64 Cr in FY22 from INR 6.71 Cr in FY21.
Employee benefit expenses also rose 3X to INR 29.12 Cr from INR 9.59 Cr in FY21. Employee benefit expenses included employee salaries and bonus, gratuity and PF expenses, leave encashment expenses, among others.
Launched in 2016, Bombay Shaving Company began as a D2C men’s shaving and grooming products brand. However, it expanded into other categories over the years and turned into an omnichannel brand. The company’s products are available on all major ecommerce sites like Flipkart and Amazon and in over 30,000 stores. Besides India, Bombay Shaving Company claims to serve customers in the US, Europe, the Middle East, Australia and New Zealand.
It competes with the likes of The Man Company,Good Health Company, Ustraa, among others.
The Shantanu Deshpande-led startup raised INR 160 Cr in its Series C funding round led by hedge fund Malabar Investments. It has raised a total funding of about $45 Mn to date.
The Indian D2C market is estimated to grow at a CAGR of 24% during 2021 and 2030 and have a total addressable market opportunity of $300 Bn by that year, according to an Inc42 report.