Shantanu Deshpande, the Founder and CEO of Bombay Shaving Company, recently made headlines after sharing his thoughts on India’s quick commerce food delivery industry on December 15.
Deshpande wrote on LinkedIn, “Cook time 2 min, delivery time 8 min,” expressing his dissatisfaction with the idea of 10-minute food delivery. A ‘qcom for food’ founder told me this and I lost my mind.” He added, “Frozen purees, curries, and old vegetables heated and garnished with dhaniya to look fresh, then rushed to your door by a two-wheeler riding like Mad Max because you couldn’t wait another 15 minutes or were too lazy to cook a simple meal.” His remarks reflect his opinion on the fast-paced delivery trend.
At 37, Deshpande has set out to revolutionize the men’s grooming market with Bombay Shaving Company. As of June 2, 2023, he holds a 21.1% stake in the company, according to data from Tracxn. While his exact net worth remains unknown, his holdings in the company were valued at approximately ₹167.4 crore (unrealized) following the latest funding round.
The total amount that Deshpande has earned from the funding is ₹26.9 crore. Following the June 2023 Series C3 fundraising round, in which Bombay Shaving Company raised ₹42 crore for a 5.3% share, Deshpande’s equity was reduced from 22.3% to 21.1%.
The company’s post-money valuation was pegged at ₹792 crore, up from ₹750 crore pre-funding. The largest stakeholders are the founder with a 21.1% stake, angel investors holding 17.7%, and Colgate Palmolive, which owns 12.3%.
Bombay Shaving Company, under its parent company Visage Lines Personal Care Pvt Ltd, offers a range of products including shaving foam, after-shave lotion, razors, skincare, and haircare items.
In the financial year 2022-23, the company faced a significant loss of ₹80.3 crore, an 85% increase from the previous year’s loss of ₹43.4 crore. However, revenue from operations grew 71.5% to ₹182.4 crore from ₹106.3 crore in the prior year.
With a 21% market share, the company ranks second in the Indian men’s grooming sector, behind Man Matters, which holds 26%. Other key players include Battle Cry, Mars by GHC, Ustraa, and Khadi Men.