INSUBCONTINENT EXCLUSIVE:
LetsShave has a user base of over a half-million customers and serves more than 18,000 pin codesChandigarh: Wipro HQ has acquired a minority
stake in LetsShave and signed an agreement to invest in the company.LetsShave is predominantly into the shaving domain and steadily
It markets a high-quality portfolio of men's and women's premium products in this space under the brand name of LetsShave
It has a strategic tie-up with a more than 60 years old established razor manufacturing, Korean company Dorco."LetsShave offers high-quality
products and is a challenger brand in a space dominated by a single large player
They are a promising team and have the ability to understand consumer requirements, identify opportunities, and meet them in quick cycle
This investment is in keeping with the company's strategy of leveraging emerging online opportunities addressed towards the millennial
population," said Sumit Keshan, Managing Partner, Wipro Consumer - Venture."We will be increasing our portfolio in the short to medium term
as part of our strategy of investing in innovative start-ups in the space of consumer brands and consumer-tech domains in India and
South-East Asia," added Keshan.According to reports by PGA Labs, India's men's grooming market was USD 1.28 billion in 2016 and is
estimated to have crossed USD 2.6 billion in 2018, recording a CAGR of 36 per cent
The market is projected to soar to USD 5.5 billion by 2021."We had started our journey four years ago and have made a strong presence with
huge acceptance from our consumers for our products
We are excited to partner with Wipro who has a deep understanding of Indian consumers," said Sidharth S Oberoi, founder of LetsShave."With
their support, we plan to chart a strong growth trajectory and are committed to making LetsShave a sustainable and responsible one-stop
solution provider for shaving systems, personal care and grooming for men and women," he added.Considering its strong partnership with
LetsShave, Dorco recently increased its stake from 10 per cent to 15 per cent."We are thrilled by the prospect of Wipro joining hands with
The powerful combination of our high-quality products and LetsShave's passionate team, digital marketing expertise, technical capabilities
with Wipro's deep knowledge and experience in the Indian market will help us to further reach the Millennial population and together we'll
be able to create LetsShave an even stronger brand for Indian consumers," said Ken Kwak, Managing Director of Dorco and also one of the
directors of LetsShave.Ashwani Oberoi, father of founder Sidharth Oberoi and director of LetsShave was the first investor in the company and
still holds the majority stake in the business."We will effectively utilize the funds to expand our shaving and personal care product
portfolio, bolster our online presence by growing our revenue by at least 3X and leverage Wipro's touchpoints to expand into the offline
market," said company's CMO Asawari Pawar."In the women's shaving market, we have grown a lot faster than we initially thought, so we
also plan to expand our women''s product portfolio under the brand LetsShave 'Evior' in an effort to continue to drive growth overall,"
she added.LetsShave has a user base of over a half-million customers with a promising repeat rate of over 40 per cent and serves more than
18,000 pin codes in India
It has recently entered into the shower, body care, beard products, and electric trimmers categories.All products from LetsShave.com are
also available on marketplaces such as Amazon, Nykaa, Flipkart, Paytm, Bigbasket and Snapdeal and more.{This story is provided by
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(ANI/BusinessWire India)}
