BENGALURU: Hair removal brand Bombay Shaving Company (BSC) has raised Rs 160 crore in a funding round led by Malabar Investments, a hedge fund based in India. The round also saw participation from Patni Advisors, Singularity AMC, and other HNIs. About 11 months ago, the firm raised Rs 45 crore from FMCG major Reckitt.
During the latest funding process, the company also bought back ESOPs worth Rs 45 crore.
BSC was launched in 2016 by former McKinsey & Co consultant Shantanu Deshpande. In 2020, BSC forayed into women’s hair removal, which now accounts for nearly 25 per cent of the total business.
BSC will use the funds to expand its portfolio of personal care & hair removal products. It will also expand its offline distribution, expand international presence, invest in brand building and hire talent. BSC also intends to acquire brands in adjacent categories and content platforms and said it is in advanced talks to raise a further Rs 300 crore for this.
“We are singularly focused on building a brand that owns hair removal. As we scale from Rs 150 crore to Rs 500 crore and Rs 1,000 crore, we needed an investor group that could guide us on building an IPO-able company,” said Deshpande.
“In a short period of time, they have built a sizable business and a differentiated franchise despite heavily established competition,” said Sumeet Nagar, MD at Malabar Investments.
