Foxtale, a D2C (direct-to-consumer) skincare startup on Wednesday said it has raised $18 million in its Series B round of funding led by Singapore-based investment firm Panthera Growth Partners. The round also saw participation from existing investors including Matrix Partners India and early-stage firm Kae Capital.
Founded in 2021 by Romita Mazumdar, a former investment banker, Foxtale currently offers multiple types of skincare products to address specific skin concerns, including acne, aging, hyperpigmentation, and more.
Romita Mazumdar, Founder, Foxtale said the new round of funding will be used to expand our digital presence and introduce new categories to our product portfolio.
“We have been incredibly fortunate to have investors who take pride in our product innovation and support our ongoing focus on profitability. As a young brand, their experience has been invaluable during our growth and scaling phases at Foxtale” Mazumdar said.
According to the research firm Research and Markets, India’s skin care products market was estimated to be $6.93 billion in 2023 and is expected to reach $10.31 billion by 2028, growing at a CAGR of 8.25 per cent.
“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,” said Shilpa Kulkarni, Founder and Managing Partner, Panthera Growth Partners.
Foxtale claimed a user base across over 100 cities for its products. The company sells through online marketplaces including Nykaa, Amazon, Blinkit, Flipkart, Myntra, etc., apart from its own website, focusing on women aged 23-35 years in metropolitan, Tier 2, and Tier 3 cities.
Apart from legacy brands in the skincare market, the company also competes with new-age digital-first brands such as Mama Earth, Minimalist, mCaffeine, Nat Habit, Cureskin, BrownSkin and more.
