Online platform Foxy raised Rs 21.6 Cr from its current investors
An extensive selection of beauty, grooming, and cosmetic products are sold on Foxy, an online store that has raised Rs 21.6 crore from its current investor, Lightspeed India Partners. The Delhi-based company is making its first investment round since September 2020.
According to a regulatory filing obtained from the Registrar of Companies (RoC), Foxy’s parent company EkAnek passed a special resolution to issue 31,638 preference shares at an issue price of Rs 6827.24 per share in order to raise Rs 21.6 crore, or $2.6 million.
The company’s board will determine how to use these proceeds for general corporate purposes, growth, and expansion. It looks like Foxy is still raising money, and in the upcoming weeks, more funding will probably be raised.
Foxy increased its total ESOP pool from 22,137 to 28,627 options by adding 7,520 stock options, according to filings.
According to media estimates, the company has been valued at approximately Rs 190 crore or $23 million post-money in the new round, and the total pool size is estimated to be worth around Rs 20 crore or $2.4 million.
As of September 2020, Alpha Wave and AWI led an extended Series A round that raised $5.4 million for Ekanek, bringing its total fundraising to $21 million. The media reports that Lightspeed India Partners, with a 22.4% stake, is the largest external stakeholder, followed by Matrix Partners, Peak XV, and Alpha Wave.
A marketplace for cosmetics, grooming, and beauty products is operated by EkAnek under the Foxy brand. Mamaearth, Aqualogica, TheDerma, Garnier, B Blunt, and other well-known brands are among those available on the platform.
A Mint article claims that Foxy is reorienting its business to provide customers with advisory services, such as skincare guidance, and that its current backers, Peak XV, will contribute $10 million to a new fundraising round.
Foxy’s fiscal year ended in March 2023 saw a 3.8X increase in its operating revenue to Rs 36 crore and losses of Rs 28 crore. The company hasn’t submitted its FY24 financial statements yet.
SimSim, Foxy’s initial rival, was bought by YouTube in July 2021 and shut down in March 2023. Another rival, BulBul, merged with The Good Glamm Group.