Wipro Consumer Care Ventures, the venture capital fund of Wipro Consumer Care & Lighting has signed an agreement to invest in LetsShave Private Ltd, which caters to male and female shaving and grooming markets.
LetsShave focuses predominantly on the shaving category, and is expanding into personal care categories like body care, skin care and electric trimmers, the city-headquartered Wipro said in a statement.
The company markets its portfolio of products under the brand name of LetsShave. It has a strategic tie-up with Dorco, a Korean Company and one of the pioneers in the razor industry, manufacturing blades since 1955.
Dorco has a 10 percent stake in LetsShave and is a global supplier to companies like Dollar Shave Club.
Managing Partner of Wipro Consumer Venture, Sumit Keshan said LetsShave offers high quality products and is a challenger brand in a space dominated by a single large player.
“Our investment in LetsShave is in line with our strategy of leveraging emerging online opportunities targeting the millennials.
We plan to increase our portfolio in innovative start-ups in consumer brands and consumer-tech domains both in India and South-East Asia,” Keshan said.