LetsShave Secures Undisclosed Funding from Wipro’s Consumer Goods Division, Total Funding Reaches $6 Million
- ByStartupStory | May 30, 2023
LetsShave, a grooming products D2C brand, secures undisclosed funding from Wipro’s consumer goods division, bringing its total funding to $6 million.
Chandigarh-based LetsShave specializes in grooming and personal care products, such as razors, blades, and trimmers, in collaboration with DORCO. With a customer base exceeding one million, the company has successfully sold over 10 million products to date. Its offerings are available not only through its own platform but also on prominent e-commerce platforms like Amazon, Noon, and Walmart across various regions, including the UAE, the US, Canada, the UK, Australia, and Europe.
LetsShave has announced its intention to raise an additional $7 million in funding over the next three years, with a target of achieving a revenue of Rs 200 crore. The company has demonstrated consistent growth, averaging over 30%, and has achieved positive EBITDA in the current year. LetsShave plans to expand its offline presence steadily. Apart from its D2C operations, the company serves as a razor supplier to renowned hotels including Marriott Group, St. Regis, and Ritz Carlton.
LetsShave has revealed its intentions to utilize the funding to enhance its online presence within the Indian market. The company’s goal is to achieve revenue of Rs 50 crore in the coming years, as stated by Sidharth Oberoi, the Founder and CEO of LetsShave, in an interview with YourStory. Oberoi emphasized the company’s commitment to assembling all imported products in India, thereby contributing to job creation in the country.
Sidharth Oberoi, CEO of LetsShave, expressed confidence in making the business profitable within a year. Wipro’s investment of approximately $2.5 million in LetsShave in 2020, along with the participation of Korean grooming firm DORCO, resulted in both companies collectively owning up to a 25% stake in LetsShave.
“LetsShave has shown promising growth and has been able to expand its consumer base with launch of new category of product range in high quality trimmers etc. They operate in a large market of razors, blades, trimmers, and with their strong execution abilities are on a path of rapid growth,” said Sumit Keshan, Managing Partner at Wipro Consumer Care.
“The powerful combination of our high-quality products and LetsShave’s passionate team, digital marketing expertise, and technical capabilities combined with Wipro’s deep knowledge and experience in the Indian market will enable us to further reach the millennial population, and together we’ll be able to create LetsShave an even stronger brand for Indian consumers,” Ken Kwak, Global Director of DORCO Korea, said.
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