Haircare startup Moxie Beauty has secured Rs 17.3 crore in its seed-funding round led by Fireside Ventures with participation from angel investors in the likes of Reckitt’s Managing Director Arjun Purkayastha, Mokobara’s Founder Sangeet Agrawal, Unilever’s former Chief Managing Officer Samir Singh.
The funds will be utilized for product innovation, research & development, expand distribution network, and the onboarding of talent acquisition.
The D2C haircare startup was founded in 2023 by Nikita Khanna-former consultant at McKinsey & Company, and Anmol Ahlawat-former General Manager at Paytm, and claims to produce Indian hair texture customized products.
Fireside Ventures is a Bengaluru-based venture capital firm founded by Kanwaljit Singh in 2015. As of now, its investment portfolio has 63 companies in the likes of Mamaearth, and Traya-another haircare startup. The latter had raised Rs 75 crore in an undisclosed funding round from Xponentia Capital earlier in April.
In March, haircare company Fix My Curls also raised an undisclosed amount in seed funding led by Smbhav Venture Fund which is a small and medium business-centric venture fund backed by Amazon.
In the post-pandemic era, D2C brands for skincare and haircare such as Mars by Good Health Company, Pilgrim, Ravel Care, and Bare Anatomy among others have crowded the marketplaces such as Amazon, Flipkart, Myntra, and Nykaa. Following this trend, Indian haircare market is estimated to make revenue of $3.06 billion in 2024.
