LetsShave, a grooming-focused direct-to-consumer (D2C) business, has raised undisclosed capital from Wipro’s consumer goods division. LetsShave has raised a total of USD 6 million in investment with this round.
Through a cooperation with DORCO, the Chandigarh-based company provides shaving and personal care goods such as razors, blades, and trimmers. To date, the company claims that it has served over a million clients and sold over ten million products. It also sells on e-commerce sites such as Amazon, Noon, and Walmart in the UAE, the United States, Canada, the United Kingdom, Australia, and Europe.
The funds will be used to improve the company’s internet presence in the country, the company said on Tuesday.
Wipro invested around USD 2.5 million in LetsShave in 2020, with cooperation from Korean grooming firm DORCO. Both companies own up to 25 per cent of the corporation.
The startup hopes to fund another USD 7 million over the next three years and generate Rs 200 crore in income, according to a release. According to the company, it has grown by more than 30 per cent on average and is EBITDA positive this year.