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Wipro Consumer Care Ventures raises capital in grooming startup LetsShave

Wipro Consumer Care and LetsShave

With added funding from Wipro Consumer Care Ventures, LetsShave plans to expand its personal care product portfolio.

India: Chandigarh-based grooming startup LetsShave has succeeded in getting funding from Wipro Consumer Care Ventures, which is the venture capital fund of Wipro Consumer Care and Lighting. This agreement has enabled Wipro acquire minority stake in the grooming startup company.

LetsShave also has an existing investor, Dorco, which is one the largest razor manufacturers across the globe. Considering its strong partnership with LetsShave, Dorco has increased its stake from 10% to 15%. With this dual funding, the budding startup plans to expand to its product portfolio to personal care categories like body care, skin care, electric trimmers, etc. The company is predominantly into shaving domain and has expanded its presence in the men’s grooming portfolio with more than twenty grooming products.

Founder of LetsShave said, “We had started our journey four years ago and have made a strong presence with huge acceptance from our consumers for our products. We are excited to partner with Wipro who has a deep understanding of Indian consumers. With their support, we plan to chart a strong growth trajectory and are committed to making LetsShave a sustainable and responsible one-stop solution provider for shaving systems, personal care and grooming for men and women.”

After the agreement was announced, Managing Partner of Wipro Consumer Care Ventures said, “LetsShave offers high-quality products and is a challenger brand in a space dominated by a single large player. They are a promising team and can understand consumer requirements, identify opportunities, and meet them in quick cycle time. This investment is in keeping with the company’s strategy of leveraging emerging online opportunities addressed towards the millennial population. We will be increasing our portfolio in the short to medium term as part of our strategy of investing in innovative start-ups in the space of consumer brands and consumer-tech domains in India and South-East Asia.”

Wipro Consumer Care Ventures was launched in September 2019 with an objective of investing in Indian and Southeast Asian startups, dealing in consumer brands space.

Led by Sidharth S Oberoi, LetsShave has a user base of over half-million customers. The company has recently entered shower, body care, beard products, and electric trimmers categories.

According to TechSci Research, this agreement between Wipro Consumer Care Ventures and LetsShave will help the startup to build and maintain a strong consumer base among Indian masses. With its new product launches, LetsShave will try to reach the millennial population. Rising aspirations of Indian youth towards maintaining a youthful appearance & growing penetration of several domestic and international players is expected to positively influence India personal grooming market.

According to recently published report by TechSci Research, India Personal Grooming Market By Product Type (Hair Dryer, Hair Straightener, etc.), By End User (Individual Customer & Institutional Customer), By Distribution Channel (Online Retail, Institutional Sales, etc.), Competition, Forecast & Opportunities, 2024, the India female grooming market stood at $ 152 million in 2018 and is projected to grow at a CAGR of over 26% to surpass $ 623 million by 2024 while India male grooming market stood at $ 643 million in 2018 and is projected to grow at a CAGR of over 11% to cross $ 1.2 billion by 2024. Anticipated growth in the market can be attributed to rising urbanization, increasing disposable income of middle class population, changing preferences of Indian consumers for professional grooming products and growth of professional beauty & wellness market in the country.

According to another TechSci Research report, India Men’s Grooming Products Market, By Product Type (Fragrance, Shaving, Skincare, Haircare and Moustache & Beard Grooming), By Sales Channel (Supermarket/Hypermarket, Grocery/Retail Store, Online, etc.), Competition Forecast & Opportunities, 2012 – 2022, India men’s grooming products market stood at $ 1.4 billion in 2016, and is projected to grow at a CAGR of over 15%, in value terms, during 2017-2022, to reach $ 3.3 billion by 2022. Rising number of consumers with early ageing problems, increasing disposable income and expanding young working population are aiding the men’s grooming products market in the country. Moreover, rapid urbanization and adoption of western grooming culture along with changing lifestyles and awareness regarding the consumption of grooming products to reduce ageing problems, are some of the other factors which are expected to propel the demand for men’s grooming products in the country over the course of next five years.