Foxtale, a direct-to-consumer (D2C) skincare startup, has raised $18 million (approximately INR 150 crore) in its Series B funding round. Led by Singapore-based Panthera Growth Partners, the investment also saw continued support from existing backers Matrix Partners India and Kae Capital.
Founder and CEO Romita Mazumdar revealed that the Mumbai-based startup intends to utilize the new funds to broaden its digital presence and introduce additional categories into its product portfolio.
Foxtale’s Skincare Offerings
Established in 2021, Foxtale specializes in tailored skincare solutions designed to combat a range of skin issues, including acne, aging, and hyperpigmentation, among others.
Foxtale offers an extensive array of skincare items, including serums, masks, moisturizers, face washes, and sunscreens. These products are available for purchase on Foxtale’s website, various online marketplaces, and select offline stores.
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Foxtale boasts accessibility to users in over 100 cities throughout India, targeting women aged 23-35 in tier I, tier II, and tier III cities with its products.
Financial Performance and Growth Targets
In FY24, the startup reported a gross merchandise value of INR 172 crore, primarily driven by sales from its official website.
Moreover, it claims a retention rate of over 50% and aims to achieve profitability by FY25.
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Foxtale competes with Nykaa, Mamaearth, Purplle, MyGlamm, Plum, and other similar brands.
Foxtale’s Funding History
In March, the startup secured INR 119 crore (approximately $14.4 million) in funding, led by Panthera Growth Partners. Existing investors, including Matrix Partners India and Kae Capital through various entities, also participated in the round.
Continue Exploring: D2C skincare brand Foxtale secures $14 Million in funding led by Panthera Growth Partners
Before that, in 2022, it secured $4 million in its pre-Series A funding round, spearheaded by Matrix Partners India.
In the thriving D2C segment, beauty and personal care (BPC) products have experienced rapid expansion in recent years. This growth is fueled by robust consumer demand for personalized products designed specifically for their unique skin and body needs.
The changing landscape of the beauty and personal care (BPC) industry has given rise to numerous innovative brands, garnering substantial funding from investors.
Last week, skincare solution startup CHOSEN by Dermatology secured a seed funding of $1.2 million (approximately INR 10 crore) from friends and family.
Earlier reports indicated that Bengaluru-based WOW Skin Science was in discussions with investors to raise between $65 million and $75 million at a valuation of $400 million.
According to a report by IMARC Group, the BPC market in India reached $26.3 billion in 2022 and is expected to reach $38 billion by 2028, with a compound annual growth rate (CAGR) of 6.45% between 2023 and 2028.
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