Bombay Shaving Company Success Story | Answering All Your Grooming Needs

Sarika Anand

Sep 1, 2022 — 13 min read

Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Bombay Shaving Company.

Men, today, comprehend the significance of appearance; that appearing one's best instils self-confidence, which is essential in today's highly competitive environment. Furthermore, media affairs, publicity, front-office professions, sales and marketing, employment in restaurants, television, tourism, modelling, and the fashion sector are all industries where appearance is essential. Other variables that have led to the popularity of male grooming products include exposure and accessibility to television commercials and worldwide patterns or trends.

A man's skin is exactly as vulnerable as a female's and requires the same amount of attention and care. Men, in general, on the other hand, devote more time outside in the sunlight. Exposure to sunlight, air pollution, air conditioning, chlorinated water, and stress, all have an impact on the skin, causing skin issues and accelerating the process of ageing. Male skin is also more prone to disorders such as acne. Men require their personal space as well as professional grooming attention and care.

Bombay Shaving Company is a consumer goods company that specialises in the development of men's beard and shave care and skincare range of products. Bombay Shaving Company was founded in 2016 as a D2C business for men's grooming and shaving goods. Since then, the company has grown into a variety of hair removal and hair care categories, including a women's hair removal line on which it is placing its bets.

Here's the success story of Bombay Shaving Company that covers all about the company, the Startup Story and Growth, its Competitors, Revenue, Business and Revenue Model, and more, you can check ahead!

Bombay Shaving Company - Company Highlights

Startup Name	Bombay Shaving Company
Headquarters	New Delhi, India
Industry	Personal Care Product Manufacturing
Founders	Shantanu Deshpande, Raunak Munot, Deepu Panicker, and Rohit Jaiswal
Founded	2015
Revenue	$4.7 Million (FY21)

Bombay Shaving Company - About and How It Works?

Men's grooming is sometimes viewed as a pointless activity done "for the sake of it." The Bombay Shaving Company is a company that has sparked progressive changes in the industry. They have changed the way that men's grooming is done, turning it into an enjoyable pastime. Bombay Shaving Company is a high-end personal care and grooming products firm dedicated to providing exceptional client experiences. The firm gets its blades from the Japanese manufacturer Feather, but everything else is created in-house.

It began as a firm that provided various products for men's grooming and skincare but has expanded its product line to include women's grooming. The firm markets itself as a premium brand, charging Rs 2,995 for a six-piece razor set that consists of a brush, pre-shave cleanse, shaving cream, post-shave balm, and blades. The firm has generally been able to contact suppliers of big FMCG companies by using its investor connections.

After purchasing a product, customers may subscribe to the blades and creams. The subscription is quite flexible as subscribers may select their items, frequency of replenishment, and pause/restart/cancel at any time. Their product range now consists of eight market segments: Shave, Trimmers, Hair, Beard, Perfumes, Skin, Bath, and Women.

The beard kit routines seek to increase the development and style of facial hair while the selected shaving product collection concentrates on ultimate precision and softness. With its comprehensive bath collection, the brand has also taken care of one's bathing needs, and its skincare products aid in creating a positive and healthy regimen.

The business is committed to giving customers the best possible grooming experience that is supported by superfoods. Their wide variety of products addresses common grooming issues and assists users in always looking their best.

A comprehensive, nutritious experience from head to toe is guaranteed by the company, with the recently introduced hair care line, which is led by four hair oil mixes enhanced with superfoods. Superfoods including avocado, honey, turmeric, and coconut extracts are used by Bombay Shaving Company in its personal care and grooming products. These appeal to the increased levels of health concern among customers and are abundant in vitamins and antioxidants.

Bombay Shaving Company - Industry

The fourth-largest industry in India is fast-moving consumer goods (FMCG), with 50% of revenues in this industry coming from domestic and personal care products. Along with packaged foods and drinks, toiletries, electronics and home appliances, and domestic cleaning supplies, consumer goods also include cosmetics and skin care products. Of course, the list could continue on and on.

The primary growth factors for the industry have been more awareness, better access, and shifting lifestyles. The greatest contributor to the entire income produced by the FMCG industry in India (which accounts for a revenue share of around 55%) is the urban segment. However, compared to urban India, the FMCG market has risen more quickly in rural India during the past few years. The semi-urban and rural populations are expanding quickly, and 50% of all rural expenditure is on FMCG items.

Bombay Shaving Company - Products

The brand has made every effort to improve Indian men's grooming experiences with goods and ideas that speak to their contemporary worldview. It carefully develops every product, from the quality razors to its extensive selection of men's face wash, to provide a healthy self-care experience.

Shaving - Precision Safety Razor, Preshave Scrub, Shaving foams, and After/Post Shave
Beard Grooming - Beard Trimmers, Beard oils, Beard Care Kits, Beard Styling Kit, Beard Growth Kit, and Beard Straightening Kit.
Haircare - Hair Oil, Onion and Bhringraj Hair Oil, Avocado Oil, Curry Leaves oil, Advanced Castor oil, Hair styling wax, and Onion or Egg Hair Mask.
Skincare - Face wash, face scrubs, and face masks.
Bath Care - Soap, Body wash, and Moisturizers.

Bombay Shaving Company - Name, Logo, and Tagline

Bombay Shaving Company Logo

Bombay Shaving Company's logo comprises a razor, that depicts what the company is established for, to remove the stigma based on men's grooming. The logo also consists of wings around the razor.

The tagline of Bombay Shaving Company says, "REDEFINING GROOMING FOR EVERY INDIAN MAN."

Bombay Shaving Company - Founders and Team

The Bombay Shaving Company was founded by Shantanu Deshpande, Raunak Munot, Deepu Panicker, and Rohit Jaiswal in the year 2015.

Shantanu Deshpande

Bombay Shaving Company's founder and CEO, Shantanu, was previously the Engagement Manager of McKinsey & Co. in the USA. He graduated from the Indian Institute of Management in Lucknow with a Master's in Business Administration(MBA).

Raunak Munot

Raunak Munot served as the Chief Marketing Officer of the Bombay Shaving Company till 2019. Currently, he is employed with Trove Experiences as a Co-Founder. He has held positions at GroupM as director of social strategy and at Audi of America as a brand consultant. He graduated with a Bachelor of Engineering from the University of Mumbai's Institute of Chemical Technology and a Master of Science from Virginia Commonwealth University.

Deepu Panicker

At Bombay Shaving Company, Deepu served as both co-founder and Head of Product Operations. At Times Internet, he is a Product Development and Sourcing employee. He has held positions as Senior Analyst at McKinsey & Company and Senior Manager of Business Operations at Freecultr. He graduated from the Indian Institute of Technology in Bombay with a Master's degree.

Rohit Jaiswal

At Bombay Shaving Company, Rohit serves as Head of Products. He has had positions with Emel Group as the Sales and Distribution Manager, UAE Exchange as an MBA Summer Intern, and Crompton Greaves as an Executive. He graduated from Visvesvaraya National Institute of Technology, Karnataka, with a Bachelor of Engineering (EEE) degree and the Indian Institute of Management, Udaipur, with a Master of Business Administration degree.

Bombay Shaving Company - Startup Story

In 2015, Shantanu Deshpande, Rohit Jaswal, Deepu Panicker, and Raunak Munot established the Bombay Shaving Company. Shantanu came up with the concept after discussing the expanding men's grooming market in the USA with a friend and seeing its opportunity for growth in India. When everything began, Shantanu worked as a software engineer for McKinsey in the USA. After a casual encounter with a buddy who was an intern at Harry's, a New York-based grooming brand, Shantanu's interest was aroused. After his acquaintance noted how American shaving companies are competing with the likes of Gillette and PRO, Shantanu concluded that India may benefit from a breakthrough in the grooming and shaving industry.

After several conversations with family members and friends, it became very evident that shaving was perceived as a necessary but unappealing aspect of going to the hair salon and not as anything to look forward to. As a disruptor business, the foursome aimed to target the neglected and nearly monopolised market by concentrating on delivering a pleasant consumer experience.

The business's initial 500 customers, according to the proprietors, came exclusively through word-of-mouth recommendations. It is mostly because of their emphasis on the client interface. As a startup, The Bombay Shaving Company had little to say about its origin. They wanted to provide a terrific unwrapping experience for their customers since they understood that they were paying top money for a brand-new product. Buyers' strategy worked when they began sharing their opinions on social media and other channels, and sales rose as a consequence.

The quartet simultaneously promoted their businesses by utilising their connections with the editorial staff at newspapers like India Today. They even made an appearance on the cover of India Today, which gave them much-needed visibility. The business began in 2016 with roughly six goods and has since grown to 32 products in the areas of shaving, bath and body, skin, and beard care. About 20% of its revenue comes from its offline channel, which has over 700 retail contact points across four cities.

In the upcoming year, the firm hopes to add six more cities. Men's grooming items are produced by the start-up, including shaving brushes, towels, face cleansers, travel packs, shaving cream, post-shave balms, and razors. Shower gels and single-use razors have been added to the repertoire.

Bombay Shaving Company - Mission and Vision Statement

Bombay Shaving Company's mission statement states, "At Bombay Shaving Company, we are always dedicated to providing you the ultimate grooming experience, powered by superfoods, without any compromises."

Bombay Shaving Company - Business Model

Raunak has always desired to create a brand from nothing. Rohit was eager to launch an FMCG business and produce top-notch goods. Deepu also has a strong interest in technology and construction. They matched each other well. The Delhi-based firm was established following several calls, Skype sessions, and talks about the mission, business model, and go-to-market strategy.

Some brand elements are popular worldwide, particularly among the Indian diaspora. First, the spirit behind giving a personalised gift on special occasions, and next, the background of their products' components. Both superfoods and conventional ingredients are included in their offerings. Thirdly, the business incorporates fascinating micro innovations into its goods to provide clients with a unique experience, particularly in the hair management sector. On these three levers, advertising and brand development have been successful for the company.

The mission of Bombay Shaving Company has always been to make shaving a fun and luxurious experience. To carve themselves a position in the industry, they have steadily expanded into other areas including hair and skincare. Some of the branding techniques that have helped them become well-known are discussed further.

Bombay Shaving Company - Marketing Tactics

Bombay Shaving Company - #Dadlogic series

Shaving is a delightful experience because of the shaving kits' superior packaging, which exudes a sense of elegance.
When people shared their unpacking experiences on social media, the premium packaging idea was a huge success. This generated a lot of favourable word-of-mouth for the brand.
Indian customers are observed for having a pattern to have a soft corner for customization or personalization. Customers might choose to have their names free of charge etched on the metal blades. The high-end shaving kits made lovely presents for their loved ones.
When interacting with people, the company kept in mind that they were not engaging with beings of intellect, but rather with beings of feelings. To portray its products as the ideal present for dads and brothers, Bombay Shaving Company took advantage of holidays like Father's Day and Rakshabandhan. In the #DadLogic series of short films, they urged viewers to give their fathers a razor that was sharper than his wit.

Bombay Shaving Company - Funding and Investors

Date	Round	Amount	Lead Investors
Feb 3, 2022	Series C	₹500M	Gulf Islamic Investments LLC (GII)
Jan 5, 2022	Series C	₹1.6B	Malabar Investment Advisors
Mar 25, 2021	Venture Round	₹150M	Sixth Sense Ventures
Jan 28, 2021	Venture Round	₹450M	Reckitt
Dec 26, 2019	Series B	₹450M	Sixth Sense Ventures
Aug 23, 2018	Series A	—	Colgate Palmolive
Aug 23, 2017	Seed Round	$2.5M	Fireside Ventures
Aug 17, 2016	Seed Round	$650K	Noshir Kaka, Subramanian Ramadorai

Bombay Shaving Company - Growth

Bombay Shaving Company Operating Revenue, Expenses, and Losses for FY20 and FY21

The team worked together on aromas, raw ingredients, production advances, and packaging innovations with well-known specialists and suppliers from around the world. All 500 of the initial customers came via word-of-mouth. The bulk of their products is always being enhanced in response to customer input. For instance, the team created a new razor component and mailed it to consumers for free after they repeatedly asked for a closer and more intense shave.

Secondly, the Bombay Shaving Company team worked hard to provide its customers with a terrific unwrapping experience, and they delivered. Customers started sharing photographs and videos of their unpacking experiences on social media, which enhanced their image and boosted sales. To give the shaving blades a more personalised touch, the team also gave customers the option of getting their names engraved on them for free. Bombay Shaving Company has garnered $9 million in investment since its founding and today provides over 40 items across eight categories (Shave, Trimmers, Hair, Beard, Perfumes, Skin, Bath, and Women.)

Bombay Shaving Company - Competitors

Beardo, The Man Company, Happily Unmarried, LetsShave, Mancaveinc, Marico, Rituels, Harry's, Beard Band, and Beard Lab are the top 10 rivals in Bombay Shaving Company's competitive group.

Bombay Shaving Company - Challenges Faced

Breaking Norms - Habit is the sixth sense that rules the other five senses. It was challenging to persuade Indian consumers who were accustomed to shaving as a daily duty to view grooming as a luxury pastime. The Indian market is driven by the price-value equation, and selling shaving kits for up to Rs 3,000 was unheard of.
Logistics - When the company first started, the outer packaging's inability to support the load of the contents presented an operational and transportation difficulty. The outside boxes were solidified to fix this. Although the goods are produced in India, they are outsourced to best-in-class local producers. The brand controls every step of the supply chain from sourcing to delivery to assure quality.
Finding the right product - To produce the final finished product, the company had to work with specialists from a variety of industries, including perfumes, chemical engineering, inventive packaging and raw materials. Instead of merely selling a product, they were more interested in providing customers with an experience. Since the brand operated under the tenet that "our harshest consumers help enhance our products," customer input was granted the highest priority.

Bombay Shaving Company - Future Plans

The company plans to scale its operations to 500 crore INR with its omnichannel presence in the next two years. The company also plans to allocate its funds towards the expansion of its product portfolio of hair removal and other personal care products.

Shantanu Deshpande, Founder and CEO of Bombay Shaving Company said, "We are delighted to have GII join our cap table. We are singularly focused on building a brand that owns hair removal and personal care. As we scale from Rs 150 crore to 500 crore and 1000 crore, we needed an investor group that could guide us on building an IPO-able company."

FAQs

Is Bombay Shaving Company Indian?

Bombay Shaving Company is an Indian company founded in New Delhi, in the year 2015.

Who is the CEO of Bombay Shaving Company?

Shantanu Deshpande is the current CEO of Bombay Shaving Company.

Is Bombay Shaving Company profitable?

Bombay Shaving Company was able to control its losses to 14.5 crore INR in FY21 as compared to 14.61 crore INR in FY20. The company also saw a rise in its operating revenue of 37.7 crore INR in FY21 as compared to 17.6 crore INR in FY20.

How much funding has Bombay Shaving Company raised to date?

Bombay Shaving Company has raised funding of $45.9 million over eight rounds to date.

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