D2C Skincare Brand Foxtale Bags USD 18 Mn in Series B led by Panthera Growth Partners With the raised capital, the Maharashtra-based skincare brand aims to scale its core digital business and concentrate on expanding into new categories.
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Foxtale, a direct-to-consumer (D2C) skincare brand, announced that it has raised USD 18 million (approx. INR 150 crore) in its Series B funding round, led by Singapore-based Panthera Growth Partners.
Kae Capital and Matrix Partners India, the company's existing sponsors, also took part in the round. IndigoEdge was the exclusive financial advisor in this deal.
With the money, Foxtale plans to scale its core digital business and concentrate on expanding into new categories. Its primary clientele consists of women living in metropolitan Tier II and Tier III cities, between the ages of 23 and 35.
Romita Mazumdar, Founder, Foxtale, said, "We've been incredibly fortunate to find investors who have taken pride in innovation in our products and encouraged our continued focus on profitability. As a young brand, their experience has been incredibly pivotal at multiple times of growing and scaling Foxtale."
"The fresh round of funds will be deployed towards expanding our digital footprint and introducing newer categories in our portfolio of products," she added.
Founded in 2021 by Romita Mazumdar, Foxtale currently provides a targeted collection of skincare products to address specific skin concerns, including acne, aging, hyperpigmentation, and more. Its products are available for purchase on its website as well as on various e-commerce platforms like Nykaa, Amazon, Blinkit, Flipkart, and Myntra.
According to the company, its website contributed significantly to its FY24 sales of INR 172 crore GMV, with a retention rate of more than 50%. Foxtale is looking at achieving profitability by FY25, building on the growth it gained in the previous fiscal year.
Shilpa Kulkarni, Founder and Managing Partner, Panthera Growth Partners, said, "Romita and her team have built an incredible business in a short time with a sharp focus on product and innovation. We are excited to support them as they continue on an ambitious growth journey."
