A regular aftershave just doesn’t cut it anymore — at least not in the world of social media influencers and movie stars as they flaunt “premium, purpose-driven solutions tailored to specific needs”.

Male grooming products are chasing the aspirational quotient like never before, as a host of startups — Bombay Shaving Company, Ustraa, LetsShave, The Man Company, and Beardo, among others — step up to the dressing table to fill a market gap that FMCG incumbents failed to notice.

They are capturing the imagination of metrosexual men, buoyed by rising disposable incomes, societal changes, and higher penetration of the personal care market.

The sector has attracted $451.9 million in funding since 2019, with 2022 fetching the most — $187.1 million across 13 rounds, according to data from market intelligence platform Tracxn. 

Shifting trends

Deepak Gupta, co-founder and COO of Bombay Shaving Company, sees 2010 as an inflection point — a time of social media boom and a rising trend of men focusing more on their appearance. As he explains, “Prior to this, societal pressure to look good was predominantly on women due to various factors. Men, as primary earners, felt less need to focus on grooming. The boom in social media played a significant role in shaping perceptions and trends.” 

Post Covid there has been an added focus on wellness, personal care and beauty products, among both men and women, says Nikhil Dalal, Associate Partner, Redseer. The role of social media influencers has been significant in driving this demand, he says. Additionally, the concept of ‘stepification’ — a step-by-step skincare routine — is being increasingly embraced by men, marking a significant shift in grooming habits, he observes. 

“On the supply side, direct-to-consumer (D2C) brands have risen to meet these evolving needs. They have introduced niche products such as hair-styling solutions and treatments for hair loss or scalp issues. Furthermore, these brands have leveraged bundling strategies by offering curated grooming kits with multiple products such as hair care essentials, face wash, beard oils, and serums. This approach not only simplifies the shopping experience for consumers but also encourages higher transaction values,” he says.

Hair removal products 

Startups were early to spot the untapped potential in the men’s grooming segment, moving beyond generic products to tailored solutions. Founded in 2016, Bombay Shaving Company offers 70–75 products across four categories, with hair removal at the core. It diversified into the women’s beauty segment three years ago with its ‘Bombay’ brand, as the market shifted from salon- and parlour-centric grooming to DIY hair removal products like razors and trimmers. 

“The company holds over 25 per cent market share in trimmers, and double-digit share in shaving consumables and razors across online platforms and modern trade,” says Gupta. 

The company’s D2C channels account for 15–20 per cent sales, marketplaces and quick commerce 45–50 per cent, modern trade 20 per cent, and general trade 10 per cent. 

Zlade, a D2C personal hygiene care brand, initially gained recognition with its trimmer for intimate areas, before adding more products in the women’s segment. It relies on contract manufacturing in China, but plans to produce its trimmers at a facility in Pune by April. The company has clocked 250 per cent annual growth over the past three years. 

Launched in 2021 with a single stock-keeping unit (SKU), Zlade currently has a monthly run rate of ₹5–6 crore, with mainly online sales, says Mihir Vaidhya, co-founder, Zlade. 

Ustraa, acquired by personal care brand VLCC, has around 85 SKUs across skincare, haircare, and beard-care for men. 

“Most houses in India do not have individual soaps or shampoos for each member of the family. So, most men end up using whatever their wives or sisters or mothers bring home. This is changing as the younger generation starts earning a little more,” says Rajat Tuli, VP Marketing, VLCC. 

While the company owns all its formulations, the manufacturing is through third parties. 

FMCG giants take notice

India’s market for male grooming products was valued at $2.1 billion in 2023 and projected to reach $4.1 billion by 2032, with a compound annual growth rate of 7.2 per cent, according to IMARC Group. 

Since 2017, acquisitions have been on the rise in this niche category, as FMCG giants eye a share of the premium market. 

These include Emami’s buyout of The Man Company, Marico’s stake in Beardo, and Wipro’s investment in LetsShave. Some of the startups are attracting funding from big players — for instance, Good Health Company secured investments from Left Lane Capital, Khosla Ventures, and Quiet Capital. Moreover, established players are entering the market with new launches, such as Piramal Pharma’s male grooming brand Bohem. 

On the rationale behind the consolidation in the market, including Ustraa’s acquisition by VLCC, Tuli says the company is looking for a firmer footing in the offline market. 

“We were strong in D2C and online platforms, as that was our DNA. We needed help with offline distribution and expansion. So, we figured that VLCC will help Ustraa go offline. And that’s how this partnership has blossomed,” he says. The company targets 50 per cent year-on-year growth over the next few years, apart from exports to West Asia. 

Industry experts note that traditional players are looking to boost their online presence, including quick commerce. 

“Instead of building in-house brands from scratch, many companies are opting to acquire established D2C brands that already have strong consumer trust — a critical factor in the grooming segment,” says Dalal. 

Expansion plans

Bombay Shaving Company wants to triple the number of exclusive stores from 15 at present. “Our focus remains on the top 25 cities, including places such as Chandigarh, Jaipur, Bhopal, Coimbatore, and Pune. Additionally, we’re targeting general trade channels to reach more buyers,” says Gupta.

Zlade is sticking to online channels. “We plan to expand our footprint globally, starting with Europe and the Middle East,” says Vaidhya, who prefers a digital-first approach before venturing into retail.

Challenges 

A key challenge for brands in the saturated beauty and personal care space is ensuring customer retention and maximising lifetime value, as this underpins compounding growth. Investors are particularly focused on how brands can drive repeat sales from their existing user base, especially given the heavy reliance on influencers and other diverse marketing strategies. 

Dalal of RedSeer highlights the growth potential of Tier 2 markets, where pricing remains a challenge. The need is for introducing desirable yet affordable products tailored to these regions.