Hair removal brand Bombay Shaving Company (BSC) has raised about $21.5 million (Rs 160 crore) in a round led by hedge fund Malabar Investments.
The round also saw the participation of Patni Advisors, Singularity AMC, and other HNIs. The financing also involved ESOP sales for some of the employees. Some early investors scored exits worth Rs 45 crore in the transaction.
BSC, which intends to acquire brands in adjacent categories and content platforms, is in advanced talks to raise a further Rs 300 crore for the same.
The latest round comes 11 months after the company raised Rs 45 crore from Reckitt, a global FMCG giant in the health, hygiene, and nutrition space.
BSC plans to scale operations to Rs 500 crore top line with an omnichannel presence in the next two years. It will deploy the funds towards expanding its portfolio of personal care and hair removal products, per a company statement.
The investment will further bolster the brand’s ambition to deliver 10X growth in the next 5 years, the company said.
INDIA DEAL MONITOR
Here are prominent venture capital transactions in India announced from January 2-5, 2022.
