Wipro venture arm raises stake in personal care startup LetsShave

Wipro Consumer Care Ventures has picked up an additional stake in Chandigarh-based personal care company LetsShave for an undisclosed amount. Following the latest funding round, Wipro and South Korea-based Dorco, one of the largest razor manufacturers globally, together own a 25% stake in LetsShave. With this investment, the startup has now raised a total of $6 million since its inception.

Talking to ET, the startup’s founder Sidharth Oberoi said that the company planned to use the fresh capital for international expansion, marketing and building inventory. LetsShave also plans to enter offline channels with the new fundraise.

“We expect to touch revenue of over Rs 50 crore in the next few years…the company has already entered global markets while also selling on major ecommerce platforms such as Amazon, Noon and Walmart, covering the UAE, the US, Canada, the UK, Australia and Europe,” he said.

Oberoi declined to disclose the amount of funding the company has received.

Founded in 2015, LetsShave started as a men’s and women’s shaving products brand. Since then, it has expanded its presence in the men’s grooming portfolio. Today, the main products in its portfolio are shaving items such as razor blades, pre-shave foam, after-shave balm, etc. In India, it sells its products directly and through ecommerce platforms including Amazon, Flipkart, Nykaa and Myntra.

“We consider razor blades to be our main business, and other products are add-ons,” Oberoi said. “LetsShave has sold more than 10 million products split across more than 27 stock-keeping units,” he added. “Our DNA is to build a sustainable and profitable business without bleeding heavily. We will make LetsShave a profitable business within a year…,” Oberoi said.

The personal care company had last raised funds from Wipro Consumer Care Ventures — the venture arm of Wipro Consumer Care & Lighting — and Dorco in February 2020.“LetsShave has shown promising growth and has been able to expand its consumer base with the launch of a new category … in high quality trimmers. They operate in a large market of razors, blades, trimmers, and with their strong execution abilities are on a path of rapid growth. We are happy to do follow-on funding in LetsShave,” said Sumit Keshan, managing partner, Wipro Consumer Care Ventures.

Wipro’s venture investment vehicle has also backed men’s grooming startup brand Ustraa, in addition to beauty and cosmetics company MyGlamm, nutraceuticals brand Onelife, and others.

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