Foxtale Raises $18 Million in Series B Funding Led by Panthera Growth Partners
- ByStartupStory | June 12, 2024
Foxtale, the direct-to-consumer (D2C) skincare brand, has successfully raised $18 million (approx. Rs 150 crore) in its Series B funding round, led by Singapore-based Panthera Growth Partners. This significant investment comes after a two-year hiatus for the Mumbai-based startup.
The funding round saw active participation from existing investors Matrix Partners India and Kae Capital. IndigoEdge acted as the financial advisor to Foxtale for this transaction, as confirmed in the company’s press release.
According to TheKredible, a startup intelligence platform, Foxtale’s valuation reached approximately Rs 790 crore or $96 million (post-allotment of the first tranche).
Including this recent infusion, Foxtale has now raised over $22 million to date. Previously, the company secured $4 million in a pre-Series A round from Matrix Partners and Kae Capital in June 2022, following a seed funding round in August 2021.
Foxtale was founded in 2021 by Romita Mazumdar with a vision to provide affordable skincare solutions tailored to Indian skin types, addressing common concerns like acne, aging, and hyperpigmentation. The brand’s products are available on its website and various marketplaces such as Nykaa, Amazon, Blinkit, Flipkart, and Myntra.
During the fiscal year 2023 (FY23), Foxtale experienced rapid growth, scaling its revenue to Rs 13.8 crore from Rs 20 lakh in FY22. However, this growth came with increased losses, which rose to Rs 18.59 crore in FY23 compared to Rs 2.48 crore in FY22.
The company reported closing FY24 at Rs 172 crore in GMV sales, primarily driven by its website, maintaining a retention rate of over 50%. Foxtale is optimistic about achieving profitability by FY25, buoyed by the substantial growth achieved in the past fiscal.
Foxtale faces competition from established players such as Sugar Cosmetics, WOW Skin Science, Plum, MamaEarth, Minimalist, among others.
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