Wipro Consumer Care Ventures, the VC arm of Indian fast-moving consumer goods company Wipro Consumer Care and Lighting, has made an undisclosed amount of investment in local personal care brand LetsShave.
Founded in 2015, LetsShave designs and manufactures quality razor blades, which it sells directly to consumers online. It initially catered to the male and female grooming markets before expanding to body care, skincare, and electric trimmer products.
It has a partnership with South Korean razor manufacturer Dorco, which has a 10% stake in LetsShave and is a global supplier to other personal grooming companies such as Dollar Shave Club.
“Wipro Consumer Care is an established industry player globally having deep insights into the consumer diaspora in India, and we would like to leverage their expertise to chart a strong growth trajectory,” said LetsShave founder Sidharth Oberoi.
According to Sumit Keshan, managing partner at Wipro Consumer Ventures, the investment in LetsShave is in line with the company’s strategy of capitalizing on online opportunities, targeting millennials. “We plan to increase our portfolio in innovative startups in consumer brands and consumer-tech domains both in India and Southeast Asia,” he said.
Wipro Consumer Care and Lighting is among the fastest-growing FMCG businesses in India, offering products in the personal care, wellness, domestic and commercial lighting, and modular office furniture segments. It operates under Wipro Enterprises, which was formed after Indian IT giant Wipro separated its non-IT businesses.
Wipro Consumer Ventures was set up late last year to invest in startups in the digital and ecommerce spaces, as well as those in other industries that adopt novel approaches to reach consumers. It had previously invested in Happily Unmarried, which offers grooming products under the brands Ustraa for men and Happily Unmarried for women.