Moneycontrol BureauAhmedabad-based men’s grooming services startup Beardo has raised USD 500,000 from seed investment and innovation platform Venture Catalysts. The startup backed by actor Suniel Shetty will use the funds to expand its offline reach and upgrade logistics.
Ashutosh Valani, Co-founder, Beardo said: “Raising funds from Venture Catalysts (VCats) will certainly help our business to expand our reach offline and upgrade logistics and infrastructural needs. Besides infusing funds, VCats have been tremendously co-operative in providing mentorship, quick evaluation and super quick decisions”.
VCats invests USD 100,000–USD 250,000 in very early-stage startups that have the potential to create enduring value over a long period of time. “We feel Beardo is tapping the highly emerging Indian men’s grooming space. This space has recently created a lot of buzz in the industry. Talented and experienced founders of Beardo are building awesome business while keeping in mind the product’s quality, margins, distribution and expansion reach,” said Apoorv Sharma, Co-founder, Venture Catalysts.
Beardo started in October 2015 with beard oils and today their range includes beard washes, beard balm, beard and hair growth oil, serum, face washes, beard and hair wax, soaps, beard combs. It markets product under two categories Beardo and premium brand Beardo Lite.
The company says within 10 months of its launch, Beardo bags a gross merchandise value of RS 120 lakh per month with revenue generation coming from online portals such as Flipkart and Amazon, distributors, and salon sales. Besides, Beardo sells products in 200 salons across Ahmedabad, Pune, Mumbai, Surat and Delhi.
Commenting on his association with Beardo, Suniel Shetty said: “The men’s grooming industry is currently booming and I am extremely thrilled to play an active role in influencing this revolution.”
The men’s grooming industry is pegged at over 25 million users with a market size worth almost Rs 6,000 crore.
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