Menhood Secures Rs 2.35 Crore in Funding from Velocity for Men’s Grooming Business

• ByStartupStory     |    April 26, 2023

Menhood, a men’s grooming brand focused on promoting personal hygiene through quality products, has secured Rs 2.35 crore in funding from revenue-based financier Velocity.in. The financing, obtained through multiple tranches, will enable the company to expand its inventory and meet the growing demand, as it strives to achieve a revenue target of over Rs 24 crore. Menhood is dedicated to breaking taboos associated with men’s grooming and raising awareness about its importance. This investment will aid the company in scaling up its operations and fulfilling its mission.

Menhood, established in 2020 by Dushyant Gandotra and Shivam Bhateja, has utilized a combination of paid advertising and WhatsApp marketing to expand its customer base. As a result, the company has achieved a monthly repeat customer rate of 15% and an impressive 75% of customers opting for prepaid orders. In addition to its male grooming product line, Menhood has evolved into a male fashion lifestyle brand, now offering fragrances and beard trimmers. This diversification has expanded the company’s offerings and attracted a wider audience.

Velocity.in is a revenue-based financier providing e-commerce businesses in India an alternative to venture capital funding and traditional bank debt, with interest rates ranging from 4-8%. In a Series A funding round in November 2021, the Bengaluru-based company secured $20 million from investors including Peter Thiel’s Valar Ventures. This injection of capital has enabled Velocity.in to expand its operations and offer more financing options to Indian e-commerce businesses.

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