 "Bombay Shaving Company raises Rs 4 cr from 25 angel investors")
Bombay Shaving Company, a startup that designs and sells high quality shaving products online, has raised $650,000 in seed funding.
It received backing of 25 angel investors, including 11 senior partners from McKinsey, and eight venture captalists. Other investors include Subramanian Ramadorai, former vice-chairman of TCS and advisor to the Prime Minister, and McKinsey India MD Noshir Kaka.
The company offers an end-to-end shaving system as a one-time regimen followed by a subscription service. "Our subscription engine is extremely flexible. Users can choose their products, frequency of refills and pause/cancel/restart the plans anytime. We have a partnership with Paytm that allows for auto debit from users wallet after notifying him so that the user does not have to login or enter OTP every time. It is a hassle-free and seamless experience," said Deepu, co-founder and head of product operations.
Bombay Shaving Company’s vision is to disrupt the FMCG industry and own the men’s grooming category through creating thoughtfully differentiated products, internet first brands and intelligent data based subscriptions.
“The team has developed a very high quality shaving system. It's not easy to get the razor technology right. Anyone can import a razor and sell it. But to design it takes a lot of time, effort and expertise. This is their differentiation and entry point. I have tremendous confidence in them having seen their speed of execution and detail orientation,” said S Ramadorai.
The company pays extra attention to detail while making their product and has almost 45 partners who work to design the products.
The team spent 6 months developing the products and launched them online in the month of June 2016 on their website. The company is seeing 40% growth month on month and despite the high price point. It plans to diffuse into other categories, list on online platforms through brand stores as well as enter offline retail in the next 12-18 months.