Wipro venture arm picks up stake in LetsShave

BENGALURU: Wipro Consumer Care Ventures, the venture capital fund of Wipro Consumer Care and Lighting, has acquired minority stake in personal care company LetsShave for an undisclosed amount. Existing investor Dorco, one of the largest razor manufacturers globally, has also increased its stake to 15% from 10% in the current investment round. With this funding, the company has raised more than Rs 30 crore, according to people aware of the matter.“We plan to rapidly expand our newly launched portfolio of Shower, Beard, Body & Electric trimmers to focus on becoming a one-stop grooming solution for men and women,” Sidharth Oberoi, CEO, LetsShave told ET. He, however, declined to comment on the investment amount.“While expanding across online channels, we also plan to leverage our investors to enter offline channels and target B2B and B2C channels,” he said. Founded in 2015, Lets-Shave started as a men’s and women's shaving products brand. Since then, the company has expanded its presence in the men’s grooming portfolio to more than twenty grooming products.

from Economic Times https://ift.tt/2wIKsuv