🇮🇳 D2C brand for hair removal gets $21.4m in series C money

Bombay Shaving Company (BSC), a direct-to-consumer brand based in India, has raised 1.6 billion rupees (US$21.4 million) in a series C round led by hedge fund Malabar Investments.

Bombay Shaving Company founder and CEO Shantanu Deshpande / Photo credit: Bombay Shaving Company

Other investors including Patni Advisors and Singularity AMC joined the round, which also saw ESOP sales for some BSC employees and exits for early investors worth US$6 million in total.

The startup will use the funds to expand its portfolio of personal care and hair removal products. It will continue to grow its offline distribution, build an international presence, invest in brand building, and hire talent across positions.

BSC is also in advanced talks to raise US$40 million to acquire brands in adjacent categories and content platforms.

“As we scale from US$20 million to US$67 million, we needed an investor group that could guide us on building an IPO-able company,” said Shantanu Deshpande, founder and CEO of BSC.

See also: The decade of D2C has just begun in India

Launched in 2016, BSC has a portfolio of over 100 stock keeping units comprising hair removal products for both men and women. These include shaving regimens, trimmers, beard products, razors for women, wax strips, hair removal creams, and other products and accessories.

Currency converted from Indian rupee to US dollar: US$1 = 74.5 rupees.