D2C skincare brand Foxtale scoops up $18 Mn led by Panthera Growth Partners

Foxtale, a direct-to-consumer (D2C) skincare brand, has today announced raising $18 million (approx. Rs 150 crore) in its Series B funding round, led by Singapore-based Panthera Growth Partners. The funding round came after a gap of two years for the Mumbai-based startup.

The round also saw participation from existing investors Matrix Partners India and Kae Capital. IndigoEdge was the financial advisor to Foxtale on this transaction, the company said in a press release.

Entrackr had reported about the first tranche of this round in March

As per the startup intelligence platform TheKredible, Foxtale was valued at around Rs 790 crore or $96 million (post-allotment of the first tranch).

Including this round, the company has raised over $22 million to date. Previously, it had raised $4 million in a pre-Series A round from Matrix Partners and Kae Capital in June 2022 and a seed funding round in August 2021.

Founded by Romita Mazumdar in 2021, Foxtale is a low-cost skincare brand creating products tailored to Indian skin types, addressing concerns like acne, aging, and hyperpigmentation. Foxtale's products are available on its website and other marketplaces such as Nykaa, Amazon, Blinkit, Flipkart, and Myntra.

During FY23, Foxtale’s scale grew at a scorching pace to Rs 13.8 crore against Rs 20 lakh in FY22. However, the firm’s losses also soared on a similar pace to Rs 18.59 crore during the fiscal as compared to Rs 2.48 crore in FY22.

As per the company, it closed FY24 at Rs 172 crore GMV sales, primarily driven by its website, holding a retention rate of over 50%. On the back of the growth achieved in the past fiscal, Foxtale also looking to the path of profitability by FY25.

Foxtale competes with well-established players like Sugar Cosmetics, WOW Skin Science, Plum, MamaEarth, Minimalist, and several others.