Shantanu Deshpande, CEO of the male grooming manufacturing firm, also former CEO of IT service provider TCS, S Ramadorai participated in the funding round.
The company plans to use the funds for new product launch and for expansion purposes.
Bombay Shaving company not only focused on online expansion but also targeting offile growth. With the use of Flipkart and Amazon platform the company is selling its products to users but now also competing with the Delhi based rival helios Lifestyle Pvt. Ltd, which has its own e-commerce platform for its distribution.
Deshpande, who started the venture with seed investment from ex-colleagues at McKinsey, said, he has received interest from large packaged goods companies for a strategic investment, but the company declined them.
The company takes the option of Fireside ventures, a fund led by Kawaljit Singh, former MD at Helion Venture Partner for investment.
We believe the market opportunity is tremendous as men have begun investing in the products they use and the grab and go mindset is on the decline. With expansion into more categories and an aggressive sales team, there is enormous potential to build a large, premium brand for mens products Singh said in a statement.