BENGALURU: Wipro Consumer Care Ventures has signed an agreement to invest in Chandigarh-based startup LetsShave, which sells male and female shaving and grooming products. The venture capital fund of Wipro Consumer Care & Lighting did not disclose the details of the deal.
LetsShave focuses on shaving items and plans to expand to personal care categories like body care, skin care, electric trimmers, etc. The company markets its portfolio of products for both men and women.
The startup has a strategic tie-up with Dorco, a Korean Company and one of the pioneers in the razor industry, manufacturing world’s finest blades since 1955. Dorco has a 10% stake in LetsShave and is a global supplier to companies like Dollar Shave Club.
“LetsShave offers high quality products and is a challenger brand in a space dominated by a single large player. Our investment in LetsShave is in line with our strategy of leveraging emerging online opportunities targeting the millennials. We plan to increase our portfolio in innovative startups in consumer brands and consumer-tech domains both in India and Southeast Asia," said Sumit Keshan, managing partner, Wipro Consumer Care Ventures.
Wipro Consumer Care & Lighting launched Wipro Consumer Care Ventures in September 2019 with the objective of investing in startups in the consumer brands space that focus on companies in India and Southeast Asia. Wipro Consumer Care & Lighting has also allocated ₹200 crore for the venture fund. Chief executive officer Vineet Agrawal had told Mint that the fund has already received a “lot of traction and the team is already talking to about 10 startups per day."
Wipro Consumer Care & Lighting is a $1 billion plus arm of Wipro Enterprises Ltd and is among the fastest growing fast moving consumer goods (FMCG) firms in India. It has strong presence with significant market share across segments in India, Southeast Asia and West Asia.