Ayushmann Khurana, the famous Bollywood actor, has funded an undisclosed amount in Gurgaon based male grooming startup The Man Company (TMC), making it the latest case of a Bollywood celebrity backing Indian startups. According to the agreement, the actor would also be the brand ambassador for the grooming firm.
According to a media statement released by TMC, this is the first time that the actor has invested in a venture. Hitesh Dhingra, the founder & MD of TMC, said that the investment is part of a strategic stake in the firm, and the actor will not hold any position on the board. The firm plans to utilize the funds for branding and ramping up its presence across the nation.
‘Bring Out The #GentlemanInYou’ campaign
The Man Company claims it commands a 30% market share in the beard grooming category and has already received two rounds of financing from Kolkata-based FMCG Emami and claims to have established 1k brand touchpoints in 30 cities. TMC plans to launch their ‘Bring Out The #GentlemanInYou’ campaign that will be led by Ayushmann soon.
The Man Company, founded in 2015 by Bhisham Bhateja, Hitesh Dhingra, Rohit Chawla, and Parvesh Bareja, is known to offer a head-to-toe range of male grooming products across various categories- including bath & body management, shaving, and perfumes.
Ayushmann is the latest addition in the long list of Bollywood celebrities investing in tech startups- a trend having its roots in the Silicon Valley with Hollywood celebrity investments.
He said, “I immediately connected with the philosophy of The Man Company and consider the company as a progressive and extremely inclusive brand whose products I love using.”
Many Bollywood personalities to invest in startups are Akshay Kumar, Deepika Padukone, Priyanka Chopra, Aishwarya Rai, Amitabh Bachchan, Rani Mukherjee, Shilpa Shetty, and more.
According to a report published by Research and Markets named ‘India Men’s Grooming Marketing outlook,2023,’ the Indian men’s grooming market is expected to grow at a CAGR of over 10% between 2018 & 2022.