Sometimes, small startups can be quite successful and yield handsome returns to early stage investors. Bombay Shaving Company, a startup in the personal grooming space has done just that.
Bombay Shaving Company has raised Rs 45 crore in a funding round led by Sixth Sense Ventures along with an existing investor, Colgate Palmolive Asia Pacific.
As per a report in the Economic times, the significance of this round is that around 30 angel investors who had put in their personal wealth in small amounts into the startup in 2016 when it was formed, are today walking away with returns in excess of six times the amounts they had invested.
These angel investors include 16 partners from McKinsey, for TCS MD S Ramadorai, former Tech Mahindra CEO Kiran Deshpande, and Maninder Gulati, who heads strategy for Oyo.
A number of early employees too have gained in this round.
Their shares have fetched them Rs 20 crore in secondary liquidation, as mentioned, giving them six time the amounts they had put in.
Bombay Shaving Company started off by offering a revolutionary shaving regimen with safe shaving essentials. The product line has since been expanded to include beard care and skin care. The company offers 45 products in all across the various categories. The company runs an omnichannel model with its products being available in 3,000 retails stores which the startup now wants to expand to 10,000 and sells its products through ecommerce platforms including its own website.
The Indian market offers a tremendous potential with the current levels of per capita spending on personal grooming abysmally low. It can only go one way, that is up.