The startup will use the funds to further strengthen its online presence in India and to enter the offline segment
The startup also plans to raise another $7 Mn in the next three years to fuel its growth ambitions and scale operations
LetsShave claims to have catered to more than 10 Lakh customers and has sold 1 Cr products across 27 SKUs since its inception.
D2C grooming brand LetsShave has raised an undisclosed amount of funding from its existing investor Wipro Consumer Care. With this, the startup has raised more than $6 Mn in funding to date.
The startup will use the funding to strengthen its online presence in India and to enter the offline segment. The capital will also be deployed to fuel the startup’s global ambitions and venture into new foreign markets.
“We would like to walk and jog in our business as we have to go a long way. Our DNA is to build a sustainable and profitable business without bleeding heavily. We will make LetsShave a profitable business within the one-year period, aiming to be the number one shaving brand online,” said LetsShave’s founder and CEO Sidharth Oberoi.
“LetsShave has shown promising growth and has been able to expand its consumer base… They operate in a large market of razors, blades, trimmers, and their strong execution abilities are on a path of rapid growth. We are happy to do follow-on funding in LetsShave,” said Sumit Keshan, the managing partner at Wipro Consumer Care.
Founded in 2015 by Oberoi, LetsShave began its operations as a men’s grooming brand but later ventured into the women’s segment as well. It sells grooming products such as shaving kits, trial kits, blades and shaving foams via its website and ecommerce platforms. It also caters to salons and hospitality brands, supplying razors to high-end hotels such as Marriott, St. Regis, and Ritz Carlton, among others.
While Wipro and South Korean razor giant Dorco Korea now hold a 25% stake in the company, the Oberoi family has a 70% stake in the startup.
LetsShave claims to have catered to more than 10 Lakh customers and has sold 1 Cr products across 27 SKUs since its inception.
Elaborating on the startup’s future plans, CEO Oberoi said that the company is well-poised to achieve a revenue of more than INR 50 Cr in the next few years. The startup claims to have set its eyes on scaling its razor blade business to INR 100 Cr-plus in the near future. It is also working on plans to shift its manufacturing base from South Korea to India.
LetsShave’s chairman Ashwani Oberoi said that the startup plans to raise another $7 Mn in the next three years as it looks to fuel its growth ambitions.
“We plan to raise another $7 Mn in the next three years to attain our top position in the market and cross INR 200 Cr+ in revenue,” the chairman added.
The company claims to be growing more than 30% year-on-year (YoY) on average, as it has reduced its losses 5X in 2023 compared to the previous year.
The Chandigarh-based startup employs a workforce of 57 employees and caters to clients in the UAE, the US, Canada, the UK, Australia and Europe through ecommerce platforms such as Walmart, Amazon and Noon.
LetsShave operates within the larger Indian market with FMCG giants such as P&G and Unilever. The emergence of homegrown D2C startups such as Sanfe, Bombay Shaving Company and Sirona has also brought forth a range of choices and options for Indian consumers surfing products online.
The offline channel still dominates the space, accounting for a major chunk of sales through departmental and convenience stores.
As per Statista, the homegrown shaving market generated a revenue of $3.81 Bn in 2023 and is projected to grow to a market size of $4.11 Bn by 2027.
