Moxie Beauty, a burgeoning player in the haircare industry, has raised $2.1 million (around Rs 17.3 crore) in a recent funding round led by Fireside Ventures. The round also saw participation from prominent angel investors, including Suhasini Sampath, founder of Yoga Bar, as well as Navin Parwal and Sangeet Agrawal, founders of Mokobara.
Founded in November 2023 by Nikita Khanna and Anmol Ahlawat, Moxie Beauty offers haircare products specifically formulated for Indian hair textures. Their product lineup features shampoos, conditioners, leave-in treatments, and styling products designed to address issues such as dryness and frizz.
The company plans to use the new funding to advance product innovation, bolster research and development, hire new talent, and broaden its distribution channels. This strategy aims to capture a share of India’s $5 billion haircare market.
Moxie Beauty identifies a significant gap in the market, noting that many global brands do not tailor their products to Indian hair types, climate, or habits, which differ greatly from Western standards. The company’s mission is to provide consumers with the appropriate products, tools, and knowledge to confidently care for their natural hair textures.
Recent reports highlight that the beauty sector, including omnichannel retailers and brands, is experiencing a surge in investment due to sustained post-Covid demand. On July 1, Purplle, a beauty retailer, concluded a Rs 1,000 crore ($120 million) funding round led by the Abu Dhabi Investment Authority (ADIA). Additionally, in recent months, skincare brand Foxtale and haircare brand Traya secured capital from Panthera Growth Partners and Xponential Capital, respectively.
