Bombay Shaving Company, a direct-to-consumer (D2C) grooming and personal care startup, has recently secured INR 24 crore ($3 million) in debt funding from venture debt fund Alteria Capital. This funding marks the next phase of growth for the company, according to Shantanu Deshpande, the founder and CEO of Bombay Shaving Company. Deshpande stated that they anticipate a significant 35% growth in the fiscal year 2025 and plan to enhance the brand’s visibility through investments in a brand campaign, particularly for their core power products.
This debt raise comes two years after Bombay Shaving Company successfully raised INR 160 crore in its Series C funding round from investors such as hedge fund Malabar Investments, Gulf Islamic Investments, and Singularity AMC. Currently, the company is exploring the possibility of raising equity funding in a Series D round.
Established in 2016 by Shantanu Deshpande, Bombay Shaving Company initially focused on men’s shaving and grooming products as a D2C brand. Over time, they expanded their offerings to include women’s grooming products and transformed into an omnichannel brand. Their products are now available on various e-commerce platforms, including Nykaa, Flipkart, and Amazon, as well as in over 40,000 physical stores. Bombay Shaving Company claims to cater to customers in India, the United States, Europe, the Middle East, Australia, and New Zealand.
The newly raised funds will primarily be utilized to refine the startup’s go-to-market strategy for the razor category, which currently serves as their main focus area. Additionally, the company plans to experiment with new products and innovations. Deshpande also mentioned their intention to expand their presence from the current 12 cities to 25 cities and explore offline channels to a greater extent.
Ankit Agarwal, the managing partner of Alteria Capital, praised Bombay Shaving Company for disrupting the grooming and personal care landscape, which has traditionally been dominated by established brands, through their innovative approaches. Agarwal highlighted the company’s ability to redefine product formulations, pioneer new sub-categories, and adopt innovative distribution channels. He further stated that Bombay Shaving Company has earned its place as a leading brand in this dynamic space.
