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The Man Company raises Rs 50Cr from Emami

the man company funding

Gurugram-based D2C grooming brand for men, The Man Company announced that it has raised about Rs 50 crore primary capital from Emami.

This marks the third investment by the FMCG leader in the six-year-old company.

The Man Company’s board has resolved to allot 49,665 equity shares to Emami Limited at an issue price of Rs 9,617.05 per share to raise Rs 50 crore, regulatory filings reveal.

With the latest infusion of funds that comes after its last investment in 2019, Emami has become the largest stakeholder in The Man Company with a 45.96% stake. The combined holdings of its co-founders Hitesh Dhingra, Bhisham Bhateja, and Parvesh Kumar have been reduced to 36.5%.

The string of investments from Emami anticipates that it may take over The Man Company in the future. Beardo, one of the early players in the men’s grooming space, was acquired by Marico that also backed Beardo in most of its funding rounds before acquiring the company in 2020.

The Man Company produces and sells grooming products in skin and hair care segments. It competes with owned Beardo, Ustraa, The Bombay Shaving Company, and The Bare Anatom.

Contrary to D2C brands in the women’s beauty space, the growth of men-focused grooming brands has been slow. Experts believe that the men’s grooming market is growing but at its own slow pace. The size of the market for men’s grooming space is a fraction of that of the women’s space. 

“There was no space for D2C brands in the men grooming space five years ago. However, this market has now grown anywhere between Rs 600-800 crore,” said one of the venture capitals who have invested in the segment. “Market for D2C brands in the men grooming space would grow with increasing awareness but it would take several years to reach a sizable scale.”

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