D2C male grooming and personal care brand Bombay Shaving Company said it is scaling up its physical distributions from the present 70,000 to 3 lakh in the next 24 months. It also has plans to entrench its newly-launched women’s grooming category Bombae, even as it is mulling an IPO. The omni-channel company has had 11 rounds of funding so far.
“We want to be IPO ready by 2025. Our strength is our digital customer acquisition. We will be using it to build our women’s range and also scale up the offerings in the men’s segment to become a total hair removal company,” Deepak Gupta, co-Founder, Bombay Shaving Company, told FE.
Bombay Shaving Company counts FMCG behemoths Colgate Palmolive and Reckitt Benckiser as its strategic investors. It also counts Sixth Sense Ventures, GIC, Malabar Investments, Patni Advisors and Singularity AMC among its investors. The company has so far raised over Rs 200 crore from its investors.
Gupta said that it is adding more products to its grooming category by including trimmers and shavers in both and the men’s and women’s categories. Bombay Shaving Company’s current range includes shaving creams, foams, skincare range and razors, among others.
“Razor as a category for both men and women will be a huge business opportunity for us in the coming quarters. We are also looking at introducing our range of trimmers,” he said, adding the company is expecting 20% of its revenues to come from the women’s grooming range.
As per industry estimates, razor as a category is estimated at Rs 2000 crore, growing at a 10% CAGR. The company said it has introduced products across a range of price points from Rs 20 to Rs 349. The company competes with brands such as Gillette, The Man Company, Ustraa and Beardo, among others.
Gupta said the aim was to add market share in its existing categories, both in the general trade and online. “We are an omni-channel brand and our strategic partnership with Colgate Palmolive and Reckitt helped us to scale up distribution in the general trade,” Gupta said.
Currently, over 50% of its business comes from the online category.
He said the men’s category had 38 crore consumers across different cohorts.
The company’s operating revenues stood at Rs 186 crore in FY23. “We are on track to reach a revenue of Rs 260 crore by the end of this fiscal,” Gupta said.