Foxtale, a direct-to-consumer (D2C) skincare brand, has secured $18 million in its Series B funding round, led by Singapore-based Panthera Growth Partners. The funding round also saw participation from the company’s existing investors, including Matrix Partners India and Kae Capital
Background
Foxtale was founded in 2021 by Romita Mazumdar with the aim of offering affordable skincare products tailored to Indian skin types, addressing concerns such as acne, aging, and hyperpigmentation. The brand has seen significant growth, with its gross merchandise value (GMV) reaching Rs 172 crore in FY24, primarily driven by its D2C website
Funding and Plans
The Series B funding round will be used to expand Foxtale’s digital presence and introduce new product categories. The brand plans to use the funds to augment its growth, achieve profitability by FY25, and scale up to a Rs 1,000 crore brand within the next three years
Expansion Plans
Foxtale plans to expand its product portfolio by introducing new categories, including bodycare and personal care products. The brand aims to increase its SKUs from 18 to 25 by the end of FY24 and plans to enter the bodycare category with four new SKUs in July and another category in December
Digital Presence
Foxtale generates 90% of its revenue online and has a strong digital presence. The brand retails on its website and digital marketplaces such as Nykaa, Amazon, Blinkit, Flipkart, and Myntra. It has a presence in over 100 cities across India and caters to women aged 23-35 in metropolitan and Tier II and III cities
Future Plans
Foxtale aims to achieve significant revenue growth and profitability by FY25. The brand plans to increase its gross revenue to Rs 400-450 crore in FY25 and reach Rs 1,000 crore within the next three years. The company also plans to hire top-level executives and expand its C-suite
Foxtale’s Series B funding round is a significant milestone for the D2C skincare brand, which aims to expand its digital presence and introduce new product categories. The brand’s focus on affordable skincare products tailored to Indian skin types has resonated with customers, and its growth trajectory indicates a promising future for the company.
