Actor turned entrepreneur Suniel Shetty backed men’s grooming brand Beardo raises seed funding of $500k from Venture Catalysts.
The investment round was led by Raj Vazirani – RHV enterprise, Siddharth Somaiya of Godavari Biorefineries & Somaiya Group, Rohit Parakh – Diector, Touchstone Services, CA Anuj Golecha & Dr Apoorv Ranjan Sharma -Co-Founders, Venture Catalysts and many other experts from the FMCG space.
Ahmedabad headquartered Beardo was founded in October 2015 by Ashutosh Valani & Priyank Shah.
Today men’s grooming industry targets over 25 million users with a market size worth almost `6000 crores. Understanding this need to introduce products that specially cater to taking care of one’s beard, body & looks, Beardo was born after 8 months of extensive research & founder’s experience.
Beardo, men’s personal care and grooming brand began with just beard oils and today their range includes beard washes, beard balm, beard & hair growth oil, serum, face washes, beard & hair wax, soaps, beard combs and many more.
Beardo’s provides wide personal hair and body care offerings. They market product under two category Beardo & Beardo Lite (Premium brand). It is currently top selling brand in men’s grooming category on India’s top e-commerce sites: Flipkart, Amazon, Snapdeal & Nykaa.
They are clocking around 500 orders per day. It has also forayed its presence in 200 salons across Ahmedabad, Pune, Mumbai, Surat & Delhi. In just the 10 months of its operations, it has crossed the GMV of INR 120 lakhs per month. Source of revenue generation mainly comes from online & distributors, online sales & salon sales.
The company has also successfully roped in Suniel Shetty, a veteran actor as a brand ambassador. The experience of an actor in the growth of this business will certainly contribute extensively.
Ashutosh Valani, Co- Founder, Beardo says, “Raising funds from Venture Catalysts 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”.
Dr. Apoorv Sharma, Co-Founder, Venture Catalysts says, We feel Beardo is tapping the highly emerging Indian men’s grooming space. This space has recently created 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 & expansion reach.
When asked Suneil Shetty, what enticed him to associate with the brand, he added “I personally prefer to associate with brands that I can vouch for and Beardo is one such brand. The men’s grooming industry is currently booming and I am extremely thrilled to play an active role in influencing this revolution”
Source: Money Control
Image Courtesy: Ibb.in
