Bombay Shaving Company Raises INR 45 Cr In Funding Round Led By Reckitt Benckiser Visage Lines aims to launch three independent consumer brands and grow to INR 150 crore annual sales in 2021
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The Slough-headquartered multinational consumer goods company Reckitt Benckiser (RB) on Thursday announced to have led an INR 45 crore funding round in Visage Lines Personal Care Pvt. Ltd, the owner company for the brand Bombay Shaving Company (BSC). The round also saw participation from investors such as Rajesh Sud, Anjali Bansal, and Kuldeep Jain.
The investment is said to bring together Bombay Shaving Company's expertise in digital-first brands with strong e-commerce capabilities, and Reckitt Benckiser's skill in branding, manufacturing, and global scale.
Arjun Purkayastha, senior vice-president, e-commerce, digital, and ventures, Reckitt Benckiser, will join the Visage Lines board.
"We are thrilled to partner with the team at Bombay Shaving Company. Our investment represents a commitment to bring the best of two worlds together: Bombay Shaving Company's expertise in digital-first brands with strong e-commerce capabilities, and RB's expertise in branding, manufacturing, and global scale. Together, this combination of complementary skills sets us up for huge success," stated Arjun Purkayastha, senior vice president, Reckitt Benckiser.
Launched in 2016, the wellness brand has a portfolio of over 100 products across shaving, bath and body, skin and beard care.
The consumer goods company's investment will support its plans to scale its operations and provide the wellness company with access to its global scale, expertise, and mentorship, helping to grow the startup as the leaders in personal care for men and women, said the statement released.
"RB is a diamond addition to our journey. They have an excellent record in building health and wellness brands over their 200-years heritage. Working in partnership, our young team is ambitious for what we can achieve together and scale our operations with an omnichannel presence," added Shantanu Deshpande, founder, and chief executive officer, Visage Lines.
The company also plans to expand rapidly in offline retail distribution as the post-COVID footfalls ramp up.
"As we build omnichannel revenue streams we are cognizant that brands will be scaled through strong digital and retail distribution. Working with strategic partners over the long term will give us significant leverage in establishing ourselves in the Indian consumer ecosystem," shared Deepak Gupta, chief business officer, Visage Lines.
This will be the fifth round of financing for the company that has been invested in by Sixth Sense Venture Partners, Colgate Palmolive, and noted industry powerlifters like S Ramadorai former vice-chairman, TCS along with 16 senior partners from McKinsey & Company since inception.
Visage Lines, the owner of the brand Bombay Shaving Company, aims to launch three independent consumer brands and grow to INR 150 crore annual sales in 2021.
