Today, women are not the only ones who’re extremely cautious about their looks, but men are now also growing extra careful of how they present themselves. This has given rise to numerous brand who cater to the beast inside of you who likes to be presentable and dashing. Beardo, an Ahmedabad-based startup is one such startup which provides products for men’s grooming, has raised around $500,000 from Venture Catalysts, a seed investment and innovation platform.
The round was led by Raj Vazirani(RHV Enterprise), along with Siddharth Somaiya(Godavari Biorefineries & Somaiya Group), Rohit Parakh(Diector, Touchstone Services), CA Anuj Golecha & Dr Apoorv Ranjan Sharma(co-founders, Venture Catalysts). Many other experts from the FMCG space have also participated in this round.
Commenting on the investment, Ashutosh Valani, co-founder, Beardo said,
Raising funds from Venture Catalysts will certainly help our business to expand our reach offline and upgrade logistics and infrastructural needs. Besides infusing funds, VCats have been tremendously co-operative in providing mentorship, quick evaluation, and super quick decisions.
Beardo was founded in October 2015 by Ashutosh Valani & Priyank Shah. The men’s personal care and grooming brand, which began with just beard oils, today has an entire range. The product range includes beard washes, beard balm, beard & hair growth oil, serum, face washes, beard & hair wax, soaps, beard combs and many more.
The company is marketing products under two category Beardo & Beardo Lite(premium brand). It claims to be the top selling brand in men’s grooming category on Flipkart, Amazon, Snapdeal & Nykaa.
It further claims that they are clocking around 500 orders per day. The startup is also present in 200 salons across Ahmedabad, Pune, Mumbai, Surat & Delhi. In just 10 months of its operations, Beardo has crossed GMV of Rs. 120 lakhs(or $180k ) per month. Revenue mostly comes from online sales and distribution.
Beardo has also roped in Suniel Shetty, a veteran actor, as a brand ambassador for the company. The company hopes that the experience of an actor will certainly contribute extensively in the growth of this business. When asked what enticed him to associate with the brand, he added
I personally prefer to associate with brands that I can vouch for and Beardo is one such brand. The men’s grooming industry is currently booming and I am extremely thrilled to play an active role in influencing this revolution.
Venture Catalysts claims to be the India’s first seed investment & innovation platform. It aims at fostering a healthy start-up ecosystem within India by empowering ventures with a comprehensive platform delivering end-to-end solutions for sustained growth.
The seed funding platform currently has 25-30 seasoned investors onboard, along with several HNIs, and has strong relations with corporate players and Global Accelerators. The company is now looking at incorporating 800-1000 active angels within its network.