LetsShave Crosses $6 Million Funding Rounds With Wipro India's Investment The company has plans to use the funds to expand its online business in India, focusing primarily on hair removal with products aligned ahead, foraying into foreign markets, and taking baby steps in offline channels in India
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LetsShave, self-grooming products company, has secured another considerable stake from the conglomerate Wipro India. The latest undisclosed round of funding has helped the company reach over $6 million in total funding since inception. The company has plans to use the funds to expand its online business in India, focusing primarily on hair removal with products aligned ahead, foraying into foreign markets, and taking baby steps in offline channels in India.
"We expect to touch over INR 50 crore in revenue in the next few years. Keeping the vision towards India intact, we try to pack and assemble all our imported products in India to add our bit to creating more jobs here. We would like to walk and jog in our business as we have to go a long way. Our DNA is to build a sustainable and profitable business without bleeding heavily. We will make LetsShave a profitable business within the one-year period, aiming to be the number one shaving brand online," said Sidharth Oberoi, founder.
According to an official release by the company, Wipro India and the razor company Dorco Korea together hold more than 25% of LetsShave, more than 70% share still belongs to the Oberoi family, and they plan to raise it cautiously without compromising on their brand's tenets.
"LetsShave has shown promising growth and has been able to expand its consumer base with the launch of a new category of product range in high quality trimmers etc. They operate in a large market of razors, blades, trimmers, and with their strong execution abilities are on a path of rapid growth. We are happy to do follow-on funding in LetsShave," said Sumit Keshan managing partner, Wipro Consumer Care.