Foxtale, a direct-to-consumer (D2C) skincare brand, has successfully raised $18 million (approximately ₹150 crore) in its Series B funding round, led by Singapore-based Panthera Growth Partners. This funding marks a significant milestone for the Mumbai-based startup, coming after a two-year hiatus.
The round also saw participation from existing investors, Matrix Partners India and Kae Capital. IndigoEdge served as the financial advisor for this transaction, as noted in the company’s press release.
According to startup intelligence platform TheKredible, Foxtale was valued at around ₹790 crore ($96 million) post-allotment of the first tranche of this round. Including this latest round, the company has raised over $22 million to date. Previously, Foxtale secured $4 million in a pre-Series A round from Matrix Partners and Kae Capital in June 2022, following a seed funding round in August 2021.
Founded by Romita Mazumdar in 2021, Foxtale specializes in low-cost skincare products tailored to Indian skin types, addressing issues such as acne, aging, and hyperpigmentation. The brand’s products are available on its website and other major marketplaces, including Nykaa, Amazon, Blinkit, Flipkart, and Myntra.
During FY23, Foxtale experienced significant growth, with its revenue soaring to ₹13.8 crore from ₹20 lakh in FY22. However, the firm’s losses also increased proportionally, reaching ₹18.59 crore compared to ₹2.48 crore in the previous fiscal year.
The company reported a GMV (Gross Merchandise Value) of ₹172 crore for FY24, primarily driven by sales from its website, which boasts a retention rate of over 50%. Foxtale aims to achieve profitability by FY25, leveraging the substantial growth seen in the past fiscal year.
In the highly competitive D2C skincare market, Foxtale contends with established players like Sugar Cosmetics, WOW Skin Science, Plum, MamaEarth, and Minimalist, among others.
“We are thrilled to have the support of Panthera Growth Partners and our existing investors as we continue to expand our reach and innovate in the skincare industry,” said Romita Mazumdar, Founder of Foxtale. “This investment will allow us to accelerate our growth trajectory and bring high-quality, affordable skincare solutions to more customers across India.”
The latest funding round underscores Foxtale’s commitment to enhancing its product offerings and expanding its market presence, setting the stage for continued success in the competitive skincare sector.
