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 expanding into grooming. 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 time. This investment is in keeping with the company’s strategy of leveraging emerging online opportunities addressed towards the millennial population. 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," said Sumit Keshan, Managing Partner, Wipro Consumer - Venture.
According to reports by PGA Labs, India's men’s grooming market was $1.28 billion in 2016 and is estimated to have crossed $2.6 billion in 2018, recording a CAGR of 36 percent. The market is projected to soar to $5.5 billion by 2021.
Sidharth S Oberoi, founder of LetsShave said, “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.” “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.