Mon, Oct 24, 2016 | updated 06:59 AM IST

Beardo raises USD 500k from Venture Catalysts at 40 crore valuation

Updated: Sep 28, 2016 14:51 IST

New Delhi [India], Sep 28 (ANI): Actor turned entrepreneur Suniel Shetty backed men's grooming brand Beardo raises seed funding of USD 500k from Venture Catalysts.

The investment round was led by Raj Vazirani - RHV enterprise, Siddharth Somaiya of Godavari Biorefineries and Somaiya Group, Rohit Parakh - Diector, Touchstone Services, CA Anuj Golecha and 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 and Priyank Shah.

Today men's grooming industry targets over 25 million users with a market size worth almost `6000 crore. Understanding this need to introduce products that specially cater to taking care of one's beard, body and looks, Beardo was born after eight months of extensive research and 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 and hair growth oil, serum, face washes, beard and 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 and 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 and Nykaa.

They are clocking around 500 orders per day.

It has also forayed its presence in 200 salons across Ahmedabad, Pune, Mumbai, Surat and Delhi. In just the 10 months of its operations, it has crossed the GMV of Rs. 120 lakh per month. Source of revenue generation mainly comes from online and distributors, online sales and 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.

"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," said Co-founder Beardo, Ashutosh Valani.

"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," said Co-founder Venture Catalysts, Dr. Apoorv Sharma.

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." (ANI)