Koreans Dorco picks up stake in LetsShave

Korean razor manufacturer Dorco Ltd, which had an exclusive partnership with LetsShave Pvt. Ltd, has turned into an investor in the grooming products firm by picking up a 10 per cent stake in the company. LetsShave founder Sidharth S. Oberoi said the start-up will use the funds to strengthen its online business and expand its product portfolio. LetsShave, founded in 2015, had partnered Dorco from the beginning for the supply of razors, which remain its core category. He added, "We are happy that our partner became our investor and recognised our focus. This investment validates our business model and growth.” LetsShave, with more than 450,000 customers, has 22 grooming products for men and women and aims to expand the portfolio to 44. The company is also looking for partnerships with fast-moving consumer goods (FMCG) firms. Ken Kwak, Director, Dorco, said that it considered LetsShave as the best partner for it long-term vision for the Indian market because of the grooming company′s "differentiated capabilities".