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Colgate Palmolive's Asia Pacific unit has picked up 14% stake in India based men's grooming start-up Bombay Shaving company, The Economic Times reported.
The initial investment is fixed at about Rs18cr, with the Hong Kong arm of the global consumer company leading the round and picking up a 14% stake in Bombay Shaving Company. This is the first time Colgate's Hong Kong arm is investing in the Indian consumer space.
Early stage investor, Fireside Ventures, which already has stake in the company, also participated in this round of investment.
Founded in 2016, Bombay Shaving company supplies men’s grooming products on a subscription based model on the lines of the US-based start-up Dollar Shave Club.
Dollar Shave club was acquired by Unilever for $1bn in 2016. Bombay Shaving company initially started with a portfolio of six products and has since expanded into 32 products across shaving, bath and skin care categories.
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