Colgate Palmolive's Asia Pacific unit has acquired a 14% minority stake in Bombay Shaving Company for an undisclosed amount.
Colgate Palmolive's Asia Pacific unit has acquired a 14% minority stake in Bombay Shaving Company, India based men's grooming firm, for an undisclosed amount. The initial investment is fixed at Rs 18 crore.
Founded in 2016, Bombay Shaving Company started with about 6 products. Today, it has a portfolio of 32 products across shaving, bath and body, skin and beard care. The company supplies men’s grooming products on a subscription-based model on the lines of the US-based start-up Dollar Shave Club.
Shantanu Deshpande, CEO at Bombay Shaving Company, said, “Building a consumer brand in India needs time, capital and long-term vision. After having proven product-market fit with promising repeat rates and product response, we are now looking to scale the brand. Colgate-Palmolive will help us with product development, scaling our distribution and building the brand.”
The men’s grooming products made by the startup includes razors, blades, facial scrubs, shaving cream, post-shave balms, shaving brushes, towels and travel kits. The company expanded its products by also including shower gels and disposable razors.
Kanwaljit Singh, Founder of Fireside Ventures and board member at Bombay Shaving Company, said, “The Bombay Shaving Company team has been able to quickly ramp up its product portfolio and expansion of its online platform. We see BSC building a strong brand with emotional appeal and a compelling product narrative.”