Dorco Ltd, a Korean razor manufacturer, has acquired 10% stake in a Chandigarh-based startup LetsShave Pvt Ltd in Series A funding. This is Dorco's first investment in Indian mens and womens grooming product range startup.
The funds will be used by LetsShave for strengthening its online business and expand its product portfolio. Founded in 2015, LetsShave had partnered Dorco from the beginning for the supply of razors.
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 capabilitiesto 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 is presently selling 22 grooming products for men and women. The startup plans to expand its portfolio to 44.
Ken Kwak, Director of Dorco, said, "Acknowledging their enthusiasm and vision for the grooming business, and their differentiated capabilities, we considered LetsShave as the best partner for our long-term vision for the Indian market."
Dorco is headquartered in Seoul. It manufacturers low-cost disposable razors, shavers, shaving systems and shaving accessories for both men and women.