Men’s Grooming Brand Menhood Raises Rs 2.35 Cr From Velocity
Menhood, a men’s grooming brand, has raised Rs 2.35 crores over multiple tranches from Velocity.in, a revenue-based financier.
As per the startup, the freshly raised funds will be used to scale up its inventory to cater to the increasing demand and meet its striving goal of achieving a revenue of over Rs 24 crore.
The freshly raised funds will help Menhood strengthen its position as the leading provider of male grooming services in India and beyond.
Menhood | Men’s Grooming Brand
Founded by Dushyant Gandotra and Shivam Bhateja in 2020, Menhood is a men’s grooming brand that offers a range of products, including manscaping trimmers, intimate hygiene solutions, and apparel, among others.
Before the current funding, the Jaipur-based startup was bootstrapped.
Speaking about the development, Dushyant Gandotra, Founder & CEO of Menhood, said,
“Velocity’s support has allowed Menhood to expand its product line and enter new markets. With this, Menhood is now ready to expand its product line and enter new markets. We have moved from being just a male grooming brand to a male fashion lifestyle brand, with the introduction of fragrances along with beard trimmers.”
The firm claims to have leveraged a mixture of paid advertisement and WhatsApp marketing to extend its reach, resulting in a 15% repeat customer rate each month and a staggering 75% of customers opting for prepaid orders. It has also moved from being just a male grooming brand to a male fashion lifestyle brand with the introduction of fragrances along with beard trimmers.
As per a report, the Indian men’s grooming market is estimated to be worth over US$ 3.1 Billion by 2028.
Velocity provides revenue-based financing, up to Rs 4 crores, for marketing and inventory spending of online businesses. It is working with a vision to be the easiest and fastest way for new-age businesses to raise growth capital.
Last month, Velocity invested in Off Duty, a Mumbai-based direct-to-consumer (D2C) apparel brand. Earlier in January, D’chica, a Delhi-NCR-based direct-to-consumer (D2C) fashion brand, raised Rs 1.62 crore from Velocity.
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