LetsShave, an online marketplace for men and women’s grooming products, has raised an undisclosed amount of funding from South Korea-based razor company Dorco. With this investment, the Korean company has picked up a 10 percent stake in Letsshave.
This marks Dorco’s first investment in an Indian startup. The funding will be used by Letsshave to expand its product portfolio and grow its business. Confirming the fundraise, Sidharth S Oberoi, Founder of Letsshave said:
We want to become a one-stop solution for grooming while keeping shaving as our core category. This investment has given both the companies a great opportunity to share unique resources and capabilities to create a competitive advantage in the market. We believe that this alliance will ensure life-long product supply for the Indian market and help us introduce advanced products.
LetsShave was founded in 2015 and had partnered South Korea-based Dorco from the beginning for the supply of razors, which remain its core category. The company claims to have more than 450,000 customers, and has 22 grooming products for men and women. With this new funding, the company is aiming to expand the portfolio to 44.
On the other hand, Dorco has been manufacturing razors since 1955. Headquartered in Seoul, Dorco manufacturers low-cost disposable razors, shavers, shaving systems and shaving accessories for men and women and exports products to more than 130 countries.
According tot he Euromonitor reports, shaving holds the largest market share in the grooming category with more than 42% while men’s grooming market will account for $2.2 billion by 2020. In addition, BCG and Google India have reported that 40% of FMCG business would be driven by online by 2020.