Haircare startup Moxie Beauty raises $15 Mn in Series A led by Bessemer

Haircare brand Moxie Beauty has raised $15 million in a Series A funding round led by Bessemer Venture Partners. 

Existing backer Fireside Ventures also participated in the round, along with angel investors including Navin Parwal, Sangeet Agarwal and Arjun Purkayastha. The firm did not disclose its valuation.

Earlier in July last year, the Gurugram-based brand had raised Rs 17.3 crore ($2.1 million) in a new round led by Fireside Ventures. Back in April 2023, Moxie had raised $669K in its seed round from Amplify Partners, OTP Venture Partners and others. 

The new proceeds will be used to expand its product development and research efforts, hire across key functions, and scale distribution channels. Moxie Beauty said it is working on new product formats and formulations, with a focus on styling and scalp health categories.

Founded in 2023 by Nikita Khanna and Anmol Ahlawat, Moxie Beauty focuses on haircare products designed for Indian hair textures and climate conditions. The firm currently has a portfolio of 19 products spanning shampoos, conditioners, styling formats and scalp care. Its products are sold across online platforms such as Nykaa and Amazon.

According to Moxie, it has crossed Rs 100 crore in annual recurring revenue within two years of launch and reported a four-fold increase in monthly revenue over the past year. It also claims that several of its products rank among top-selling items in their respective categories on major marketplaces, with an overall customer retention rate of over 40%.

Moxie sources a portion of its raw materials globally and develops formulations in-house. Some products are positioned as category-first offerings in the Indian market.

The lead investor Bessemer Venture Partners had closed a $350 million in capital for its second dedicated India fund in March this year. Its recent investments include Graph AI, Seekho and TransBnk.