Wipro Consumer Care–Ventures, the venture capital fund of Wipro Consumer Care & Lighting, on Wednesday said that it has signed an agreement to buy a minority stake for an undisclosed sum in LetsShave Private Limited, which caters to the male and female shaving and grooming markets.
LetsShave, which was founded four years ago, already has a strategic tie-up with Dorco, a Korean company and one of the pioneers in the razor industry. Dorco has a 10% stake in LetsShave and is a global supplier to companies like Dollar Shave Club.
“LetsShave offers high quality products and is a challenger brand in a space dominated by a single large player. They are a promising team with a strong understanding, usage of technology, and have the ability to spot niche consumer requirements and respond quickly,” said Sumit Keshan, managing partner, Wipro Consumer Care–Ventures.
“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 startups in consumer brands and consumer-tech domains, both in India and Southeast Asia,” added Keshan.
Wipro Consumer Care & Lighting is a $1-billion fast-moving consumer goods (FMCG)) business owned by tech billionaire Azim Premji. Over the past few years, Indian FMCG behemoths have been investing in new-age grooming startups that have caught the attention of millennial consumers.
In 2018, Colgate-Palmolive Asia Pacific Ltd., a subsidiary of the global consumer giant, picked up a minority stake in men’s grooming firm Bombay Shaving Company. In the same year Kolkata-based Emami, the maker of Navratna hair oil, picked up a minority stake in Brillare Science, which makes hair and skincare products. A year earlier, the maker of Parachute oil, Marico, had acquired a stake in men’s grooming brand Beardo.
“Wipro Consumer Care is an established industry player globally having deep insights into the consumer diaspora in India. We would like to leverage their expertise to chart a strong growth trajectory,” said Sidharth S. Oberoi, founder of LetsShave.