Men's grooming start-up Bombay Shaving Company has raised $650,000 in seed funding from 25 angel investors constituting 11 senior partners from McKinsey and eight venture capitalists. The list also boasts of names including Subramanian Ramadorai, an advisor to the Prime Minister, and McKinsey India managing director Noshir Kaka.
The company sells razors, blades, shaving brush, shaving cream, facial scrub and post-shave balm as a kit.
Products are not available individually unless one subscribes to them after buying the whole kit.
The firm also has a tie-up with Paytm, specifically for the subscription service. The partnership with Paytm allows auto debit from users' wallet after notifying them. However, users can cancel and resume the plans according to their needs.
Founded in October 2015 by Shantanu Deshpande, Raunak Munot, Deepu Panicker and Rohit Jaiswal, the start-up aims to add 15 more products in the next 12 months. "We have achieved break-even on the contribution margin and on cash we will achieve it in the next three months. This industry is bound to get disrupted and Dollar Shave Club's $1-billion acquisition by Unilever is just the start," says Shantanu Deshpande, co-founder and chief executive officer. The company pays extra attention to detail while making their products and works with 45 partners to design them. With the funds raised, it plans to focus on marketing and customer acquisition and inventory.
The company aims to touch 250,000 subscriptions in the next two years and enter offline retail in the next 12 months.