D2C skincare brand Foxtale raised $18 M Series B funding from Panthera Growth Partners
The Singapore-based Panthera Growth Partners is leading Foxtale, a direct-to-consumer (D2C) skincare brand, in raising $18 million (approximately Rs 150 crore) in its Series B funding round. For the Mumbai-based startup, the funding round arrived after a two-year lapse.
Kae Capital and Matrix Partners India, two previous investors, also took part in the round. According to a press release from the business, Foxtale’s financial advisor on this deal was IndigoEdge.
Foxtale’s post-allotment valuation, according to the media, was approximately Rs 790 crore, or $96 million.
Up until this round, the company has raised more than $22 million. It had previously raised $4 million in funding in August 2021 for a seed round and in June 2022 for a pre-Series A round from Matrix Partners and Kae Capital.
Established in 2021 by Romita Mazumdar, Foxtale is an affordable skincare line that makes products specifically for Indian skin types, addressing issues like hyperpigmentation, aging, and acne. Products from Foxtale are sold on their website as well as on other online retailers like Myntra, Nykaa, Amazon, Blinkit, and Flipkart.
Foxtale’s scale increased dramatically in FY23, from Rs 20 lakh in FY22 to Rs 13.8 crore. Nonetheless, the company’s losses increased at a comparable rate, rising to Rs 18.59 crore in the fiscal year versus Rs 2.48 crore in the FY22.
According to the company, it ended FY24 with GMV sales of Rs 172 crore, mostly from its website, and an over 50% retention rate. Building on its recent fiscal growth, Foxtale is aiming for profitability by the year 2025.
Foxtale faces competition from established players such as Sugar Cosmetics, WOW Skin Science, MamaEarth, Minimalist, and a few more.
