Korean razor giant Dorco Ltd picks up 10% stake in an Indian startup LetsShave in Series –A funding. The deal is significant investment for the ecosystem as this is for the first time that global giant has invested in an Indian men’s and women’s grooming product range startup.
Founded in 2015, LetsShave claims to have more than 4,50,000 customers base and has been growing at 45% YoY ever since.
The startup began with about four products and is now selling 22 products and plans to expand to 40 products in the near future. They have a very strong supply chain that delivers almost everywhere in India. LetsShave claims to have a high repeat rate of customers.
In recent years, Indian FMCG companies picked up stakes in grooming & cosmetic startups. In 2017, Marico acquired 45% stake in Ahmedabad-based Beardo men’s grooming brand, while in February 2018 Emami Ltd picked up 26% stake in Brillare Science, a salon product startup also based out of Ahmedabad.
Dorco’s Director Ken Kwak said, “We want to partner with innovators who are improving the lives of the Indian consumer. 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.”
LetsShave was the first company to bring Dorco’s razors to India back in 2015. Dorco, on the other hand, is one of the leading manufacturers of razor blades in the world with more than 60 years into the industry. Headquartered in Seoul, this Korean market leader exports its wide range of products to more than 130 countries around the world.