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Founder and Chief Executive Officer of the men’s grooming brand Bombay Shaving Company, Shantanu Deshpande, was in the news recently after expressing his take on India’s quick commerce food delivery business on December 15.
“Cook time 2 min, delivery time 8 min. A ‘qcom for food’ founder told me this and I lost my mind,” said Deshpande in his post on LinkedIn.
“Frozen purees and curries and old vegetables heated and garnished with dhaniya to look fresh and slammed in some 2 wheeler who rides like Mad Max to your door in 10 min cos you couldn’t wait another 15 min or you were too lazy to chadhao a cooker of daal chawal,” said the startup founder while voicing his views on the 10-minute quick delivery.
The 37-year-old entrepreneur, who has set out on a journey to change the men’s grooming industry, owns nearly 21.1 per cent stake in Bombay Shaving Company., as of the last funding round held on June 2, 2023, according to data collected from Tracxn.
Although Shantanu Deshpande’s exact net worth is not publicly available, the company’s total holdings data shows that the founder and CEO’s holdings were worth nearly ₹167.4 crore (unrealised) as of the last funding round.
The Tracxn data also shows that Deshpande has realised ₹26.9 crore cumulatively after the fundraising. The founders’ holdings went down 120 basis points to 21.1 per cent post the funding round in 2023, compared to his earlier holding of 22.3 per cent.
The company raised ₹42 crore from its Series C3 round in June 2023 in exchange for diluting 5.3 per cent total stake of Bombay Shaving Company, according to the research agency.
The data also pegs the post-money valuation of the startup at ₹792 crore, compared to ₹750 crore at the pre-money valuation level.
The majority shareholders of the company comprise the founder, who owns a 21.1 per cent stake, and Angel investors, who own a 17.7 per cent stake. Colgate Palmolive, which owns a 12.3 per cent stake, is among the prominent stakeholders of the consumer-oriented brand.
Company Financials
Visage Lines Personal Care Pvt Ltd owns the Bombay Shaving Company brand and offers products such as shaving foam, after-shave lotion, razors, perfumes, skincare, and hair care products.
According to the financial statements for the year ended 2022-23, the company’s loss widened 85 per cent as they incurred a net loss of ₹80.3 crore, compared to a net loss of ₹43.4 crore in the previous financial year, according to Tracxn data.
However, the company’s revenue from operations rose 71.5 per cent to ₹182.4 crore in the financial year 2022-23, compared to ₹106.3 crore in the previous year.
According to the research agency, the company has nearly 21 per cent market share in India, coming second on the list after Man Matters at 26 per cent. Others include Battle Cry at 17 per cent, Mars by GHC at 13 per cent, Ustraa at 13 per cent, and Khadi Men with an 8 per cent market share.
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