Direct-to-consumer (D2C) grooming brand LetsShave has raised an undisclosed amount of funding from its existing investor, Wipro Consumer Care. With this latest investment, the startup has amassed over $6 million in funding to date.
The funding infusion will be utilized to strengthen LetsShave’s online presence in India and facilitate its entry into the offline market segment. Additionally, the capital will support the startup’s global ambitions, enabling it to venture into new foreign markets.
Sidharth Oberoi, founder and CEO of LetsShave, expressed the company’s strategic approach, stating, “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.”
Sumit Keshan, Managing Partner at Wipro Consumer Care, praised LetsShave’s growth trajectory and execution capabilities, stating, “LetsShave has shown promising growth and has been able to expand its consumer base…We are happy to do follow-on funding in LetsShave.”
Established in 2015 by Sidharth Oberoi, LetsShave initially focused on men’s grooming products and subsequently diversified into the women’s segment. The company offers a range of grooming products, including shaving kits, trial kits, blades, and shaving foams through its website and various e-commerce platforms. It also caters to salons and hospitality brands, supplying razors to esteemed hotels such as Marriott, St. Regis, and Ritz Carlton.
Currently, Wipro Consumer Care and South Korean razor giant Dorco Korea jointly hold a 25% stake in the company, while the Oberoi family retains a 70% stake. LetsShave claims to have served more than one million customers and sold one crore products across 27 stock keeping units since its inception.
Looking ahead, CEO Sidharth Oberoi envisions achieving a revenue of over INR 50 crore in the coming years and aims to scale the razor blade business to more than INR 100 crore. The company also plans to shift its manufacturing base from South Korea to India.
With aspirations to cement its position in the market and surpass INR 200 crore in revenue, LetsShave intends to raise an additional $7 million over the next three years. The startup has experienced an average year-on-year growth rate of over 30% and reduced its losses by a factor of five in 2023 compared to the previous year.
Headquartered in Chandigarh, LetsShave employs a workforce of 57 individuals and caters to customers in the UAE, the US, Canada, the UK, Australia, and Europe through prominent e-commerce platforms such as Walmart, Amazon, and Noon. While FMCG giants like P&G and Unilever dominate the larger Indian market, the emergence of homegrown D2C startups such as Sanfe, Bombay Shaving Company, and Sirona has introduced a range of choices and options for Indian consumers shopping for grooming products online. Nevertheless, offline channels, including departmental and convenience stores, continue to play a significant role in sales.