Sidharth S Oberoi Shaving the Path to Success with LetsShave

Sidharth S Oberoi, the founder of LetsShave, has taken the grooming industry by storm with his innovative approach to personal care. Under his leadership, LetsShave has grown rapidly, attracting investments from major players in the industry. Let’s delve into the journey of this visionary entrepreneur who is reshaping the men’s grooming market. Sidharth S Oberoi’s journey as an entrepreneur began when he founded LetsShave in 2016. His vision was clear: to create a brand that offers high-quality grooming products while addressing the evolving needs of modern consumers. LetsShave started as a subscription-based service, offering razors, blades, and trimmers, and quickly gained traction in the market.

In a recent development, the venture arm of Wipro Consumer Care made an undisclosed investment in LetsShave. Sumit Keshan, Managing Partner at Wipro Consumer Care, expressed confidence in LetsShave’s promising growth and consumer base. While the exact investment amount remains undisclosed, industry sources suggest that Wipro and Korean razor giant Dorco together hold around 25 percent of LetsShave.

LetsShave’s journey has been marked by rapid expansion and impressive financial growth. In FY21, the company reported an operating revenue of Rs 8.5 crore, which soared to Rs 19.8 crore in FY22, according to regulatory filings. For FY23, the operating revenue approached Rs 25 crore, accompanied by a significant reduction in losses, from Rs 6.6 crore in FY22 to Rs 1.5 crore, according to unaudited numbers. Sidharth Oberoi attributes their growth in the last year to concerted efforts to reduce losses and move towards profitability. This focus on financial sustainability has been a key driver of LetsShave’s success.

LetsShave’s plans for the future include expanding its online presence in India, exploring offline distribution channels, and entering foreign markets. Sidharth Oberoi has set an ambitious revenue target of Rs 50 crore in the coming years, a goal that seems achievable given the company’s current growth trajectory. LetsShave boasts a daily sales volume ranging from 2,500 to 3,500 products, highlighting its strong market presence. The men’s grooming market has witnessed intense competition and growth in recent years. Established players like The Man Company and Bombay Shaving Company have seen substantial investments and impressive revenue figures. For example, The Man Company, backed by Emami, reported approximately 40 percent growth in FY23, with plans for profitability in FY24.

Bombay Shaving Company, founded by Shantanu Deshpande in 2016, witnessed remarkable growth, with its operating revenue surging from Rs 17.6 crore to Rs 110 crore in FY22. Backed by prominent investors like Reckitt Benckiser and Colgate Palmolive, Bombay Shaving Company diversified its user base by introducing Bombae, a women’s hair removal and personal care brand.

Sidharth S Oberoi’s LetsShave has emerged as a formidable player in the men’s grooming industry, attracting investments and expanding its consumer base rapidly. As the brand continues to innovate and explore new markets, its future looks promising. Sidharth’s dedication to reducing losses and ensuring profitability showcases his commitment to long-term sustainability and success. In a dynamic and competitive market, LetsShave’s growth story serves as an inspiration for aspiring entrepreneurs and underscores the potential for disruptive innovation in the grooming and personal care sector.