Beardo an Ahmedabad based Men’s grooming brand raised $500k in seed funding from Venture Catalysts based in Mumbai. This round was led by Siddharth Somaiya of Somaiya Group & Godavari Biorefineries, Raj Vazirani- RHV Enterprise, Venture Catalysts co-founders- Apoorv Ranjan Sharma & Anuj Golecha, Rohit Parakh- Director at Touchstone Services and other experts from the FMCg space.
Apoorv Sharma, Co-founder, Venture Catalysts, said:
“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 and expansion reach.’’
It was founded in 2015 by Ashutosh Valani and Priyank Shah. It is also backed by Actor Sunil Shetty. Its products falls under two categories Beardo lite and beardo. It provides hair and body care offerings for men. Starting with selling beard oils now its products includes beard balm, serum, beard washes, hair & beard growth oil, face washes, soaps, beard combs and more.
Currently it is the top selling brand in men’s grooming category on India’s top e-commerce sites including Amazon, Nykaa, Flipkart and Snapdeal. It has tied up with more than 200 salons across Pune, Ahmedabad, Surat, Delhi and Mumbai. Currently it is receiving around 500 orders a day. Their main source of generation is through Online Sales, Salon sales and Online distributors.
Ashutosh Valani, co-founder, Beardo said,
“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.”
By 2020 India’s Men’s grooming market is projected to touch sales of Rs 14,200 crore from Rs 3,000 crore in 2010.
Other startups in the same segment includes Ustraa, The Man Company and Bombay Shaving.