LetsShave, a direct-to-consumer grooming firm, has raised an unknown amount of money from its previous backer Wipro Consumer Care. To date, the firm has raised more than $6 million in funding.
The business plans to use the funds to expand its online presence in India and reach the offline market. The funds will also be used to further the startup’s worldwide goals and expand into new overseas markets.
“We’d like to walk and jog in our business because we have a long distance to travel.” Our DNA aims to establish a sustainable and profitable firm without incurring significant losses. LetsShave will become a viable business within a year, with the goal of being the number one shaving brand online’, stated LetsShave founder and CEO Sidharth Oberoi.
“LetsShave has demonstrated promising growth and has been able to broaden its consumer base… They operate in a vast market of razors, blades, and trimmers, and their outstanding execution abilities are propelling them forward. “We are delighted to provide additional funding to LetsShave,” stated Sumit Keshan, managing partner at Wipro Consumer Care.
LetsShave, founded in 2015 by Oberoi, began as a men’s grooming brand but eventually expanded into the women’s market. Through its website and e-commerce platforms, it sells grooming products such as shaving kits, trial kits, blades, and shaving foams. It also serves salons and hospitality companies, selling razors to Marriott, St. Regis, and Ritz Carlton, among others.
While Wipro and South Korean razor major Dorco Korea now own 25% of the company, the Oberoi family owns 70% of the company.
LetsShave claims to have served over ten lakh consumers and sold one million goods across 27 SKUs since its beginning.
CEO Oberoi elaborated on the startup’s future objectives, stating that the company is well-positioned to achieve revenue of more than INR 50 Cr in the next years. The startup claims to be aiming to scale its razor blade business to INR 100 Cr or more in the near future. It is also planning to relocate its manufacturing base from South Korea to India.
LetsShave’s chairman, Ashwani Oberoi, stated that the business wants to fund an additional $7 million over the next three years to fuel its growth objectives.
“We plan to raise another $7 million over the next three years to maintain our market leadership and exceed INR 200 crore in revenue,” the chairman stated.
The company claims to be growing at a rate of more than 30% year on year (YoY), and it has cut its losses by 5X in 2023 compared to the previous year.
The Chandigarh-based firm employs 57 people and serves customers in the UAE, the United States, Canada, the United Kingdom, Australia, and Europe via e-commerce platforms such as Walmart, Amazon, and Noon.
LetsShave competes in the bigger Indian market alongside FMCG behemoths such as P&G and Unilever. The rise of local D2C firms such as Sanfe, Bombay Shaving Company, and Sirona has also provided Indian consumers with a variety of choices and possibilities while shopping for things online.
The offline channel continues to dominate the area, accounting for a significant portion of sales through department and convenience stores.
