Men’s grooming brand Menhood has raised Rs 2.35 crore over multiple tranches from Velocity.in, a revenue-based financier.
The brand will use the financing to scale up their inventory to cater to the increasing demand and meet their striving goal of achieving a revenue of over Rs 24 crore, Manhood said in a statement.
Menhood is a premium-grooming company dedicated towards helping men maintain their personal hygiene through quality products. The firm is also committed towards raising awareness about the importance of using men’s grooming products as there are a lot of taboos associated with it.
Founded in 2020 by Dushyant Gandotra and Shivam Bhateja, Menhood said that it has 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. The firm 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.
Velocity offers revenue-based financing at an interest rate of 4-8% as a replacement for VC funds and traditional bank debt for Indian e-commerce businesses. In November 2021, the Bengaluru-based firm had raised $20 million in a Series A round led by Peter Thiel’s Valar Ventures and other investors.