Foxtale, a Mumbai-based direct-to-consumer (D2C) skincare brand, has recently achieved a significant milestone in its growth journey by securing $18 million (about Rs 150 crore) in its Series B funding round. The funding round was spearheaded by Panthera Growth Partners, a distinguished investor based in Singapore, marking a substantial endorsement of Foxtale’s vision and potential within the competitive skincare market.
Alongside Panthera Growth Partners, the funding round saw continued support from existing investors, including Matrix Partners India and Kae Capital.
IndigoEdge acted as the financial advisor to Foxtale throughout this transaction, as stated in the official press release. Foxtale’s post-allotment valuation stands at approximately Rs 790 crore or $96 million. With this latest infusion of capital, Foxtale’s total funding to date exceeds $22 million, a testament to investors’ belief in the brand’s potential to disrupt the skincare industry.
Founded by Romita Mazumdar in 2021, Foxtale has carved a niche for itself as a low-cost skincare brand catering specifically to Indian skin types. Its product range addresses common concerns such as acne, aging, and hyperpigmentation, offering tailored solutions to a diverse customer base.
Foxtale’s products are not only available on its website but also across various popular marketplaces, including Nykaa, Amazon, Blinkit, Flipkart, and Myntra, ensuring accessibility and convenience for consumers.
Despite the challenges posed by the pandemic, Foxtale has demonstrated remarkable growth, with its scale expanding significantly from Rs 20 lakh in FY22 to Rs 13.8 crore in FY23. However, this rapid expansion has been accompanied by a proportional increase in losses, which surged to Rs 18.59 crore during the same period.
In conclusion, Foxtale’s latest funding round not only signifies a significant milestone in its growth journey but also underscores the immense potential of the D2C skincare segment in India. With the backing of prominent investors and a commitment to innovation and customer satisfaction, Foxtale is well-positioned to redefine the standards of skincare in the country.