Foxtale Consumer Raises $14 Million in Funding Led by Panthera Growth Partners

• ByStartupStory     |    March 8, 2024

Mumbai-based direct-to-consumer (D2C) skincare brand Foxtale Consumer has successfully secured $14 million in fresh equity funding. The funding round was led by Panthera Growth Partners, a prominent player in the investment landscape, with participation from existing backers Matrix Partners India and Kae Capital.

Foxtale Consumer, founded in 2021 by Romita Mazumdar, a former executive at A91 Partners, had previously raised $4 million in 2022 from Matrix Partners and Kae Capital. The recent funding round reflects the company’s growth and investor confidence in its vision.

Panthera Growth Partners, known for its investments in Indian consumer startups like BigBasket, Pepperfry, and Zivame, expressed enthusiasm about the prospects of Foxtale Consumer. Matrix Partners, a key player in D2C startup investments, and Kae Capital, which has backed startups like Healthkart, continue to support Foxtale Consumer’s journey.

For the fiscal year 2022-23, marking Foxtale Consumer’s first full year of operations, the company reported operating revenue of Rs 14 crore. However, the firm incurred a net loss of Rs 18 crore during this period, attributed to strategic investments in branding and marketing efforts, as revealed in regulatory filings sourced from Tofler.

In the competitive skincare segment, Foxtale Consumer competes with brands such as Peak XV Partners and Unilever Ventures-backed Minimalist, Pilgrim backed by Vertex Ventures, Nykaa’s Dot & Key, Plum backed by A91 Partners, and Mamaearth and The Derma Co. under Honasa Consumer.

A study by Redseer Strategy Consultants and Peak XV Partners projects significant growth in India’s beauty and personal care market, estimating a compounded annual growth rate of 10% between 2022 and 2027. This trajectory is anticipated to propel the market size to $30 billion.

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