D2C skincare brand Foxtale raises $4 mn funding led by Matrix Partners India
- ByStartupStory | June 14, 2022
Foxtale, a Mumbai-based direct-to-customer (D2C) skincare startup, has raised $4 million in Pre-Series A funding. Matrix Partners India led the funding round, with participation from existing investor Kae Capital and a few angel investors.
This is Foxtale’s second funding round; it raised a seed round in August 2021 and will officially launch in December 2021. The incoming funds will be used by the early-stage startup to expand its product line, hire senior vertical leadership, and scale the business.
Foxtale, founded in February 2021 by Romita Mazumdar, launched four basic products depicting a four-step skincare routine. Since then, the startup has found a product-market fit and claims a 50% repeat rate. Foxtale also claims that its products are only released after 97% of its community approves of their efficacy.
Romita Mazumdar, founder and CEO of Foxtale said that the company’s focus is on understanding our customers’ needs and product innovation has enabled it to establish a strong early product-market fit and drive industry-leading repeat rates and customer NPS scores; however, there is still a long way to go.
According to Rajat Agrawal, managing director of Matrix India, the beauty and personal care market in India is rapidly growing and is expected to reach $28 billion by 2025. He said that the firm is honoured to work with Romita and the Foxtale team as they seek to disrupt the market with innovative products and differentiated go-to-market strategies.
Foxtale will compete with the listed startup Nykaa, the unicorn D2C beauty brand Mamaearth, and a number of other brands in the segment, including WOW Skin Science and SUGAR Cosmetics.
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