The men’s grooming company Menhood has raised Rs 2.35 crore from revenue-based financier Velocity.in over several tranches.
According to a statement from Manhood, the company will use the funding to expand its inventory to meet the rising demand and reach its aspirational target of generating over Rs 24 crore in revenue.
A premium grooming business called Menhood is committed to assisting men in maintaining their personal hygiene by providing high-quality products. Due to the numerous taboos surrounding it, the company is also dedicated to promoting awareness of the value of using men’s grooming products.
Menhood, which was founded in 2020 by Dushyant Gandotra and Shivam Bhateja, claimed that it has used a combination of paid advertising and WhatsApp marketing to increase its reach. This has led to a 15% monthly repeat customer rate and a startling 75% of customers choosing prepaid orders, according to Menhood. With the addition of fragrances and beard trimmers, the company has also evolved from being solely a male grooming brand to a male fashion lifestyle brand.
For Indian e-commerce companies, Velocity offers revenue-based financing at an interest rate of 4-8% in place of traditional bank debt and venture capital funding. The Bengaluru-based company raised $20 million in a Series A round in November 2021, with the help of Peter Thiel’s Valar Ventures and other investors.