Chandigarh-based LetsShave secures considerable funding from Wipro India

Chandigarh, May 30

Chandigarh-based LetsShave, credited with bringing subscription-based grooming products to India, has secured another considerable stake from the billion-dollar giant Wipro India. The latest undisclosed round of funding has helped the company reach over $6 million in total funding since inception.

The company has plans to use the funds to expand its online business in India, focusing primarily on hair removal with many unique products aligned ahead, foraying into foreign markets, and taking baby steps in offline channels in India.

Right from its start in 2016, LetsShave has been a pioneer in its segment with its off-beat shaving and grooming range. “We consider Razor blade our main business, and other products are add-ons,” says Founder Sidharth Oberoi.

Conglomerate Wipro India and leading razor company Dorco Korea together hold more than 25 per cent of LetsShave, 70 per cent shares still belong to the Oberoi family, and they plan to raise it cautiously without compromising on their brand’s tenets.

“LetsShave has shown promising growth and has been able to expand its consumer base with launch of new category of product range in high quality trimmers etc. They operate in a large market of razors, blades, trimmers, and with their strong execution abilities are on a path of rapid growth. We are happy to do follow-on funding in LetsShave,” says Sumit Keshan who is managing partner of Wipro Consumer Care.

“We plan to raise another $7 million in the next three years to attain our top position in the market and cross Rs 200 crores in revenue,” informs Chairman Ashwani Oberoi.