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Foxtale Secures USD 18M In Series B Funding To Expand D2C Skincare Brand

Updated: Jun 13, 2024 04:29:56pm

Foxtale Secures USD 18M In Series B Funding To Expand D2C Skincare Brand

New Delhi, Jun 13 (KNN) Foxtale, a direct-to-consumer skincare start-up founded in 2021, has raised USD 18 million in a Series B funding round led by Singapore's Panthera Growth Partners.

Existing investors Matrix Partners India and Kae Capital also participated in this latest round.

The fresh capital will be utilised to bolster Foxtale's digital presence and introduce new product categories to its skincare line targeting specific concerns like acne, aging, hyperpigmentation and more.

Founded by former investment banker Romita Mazumdar, the company has rapidly established a customer base across over 100 Indian cities.

"We are incredibly fortunate to have investors who support our product innovation and profitability focus," stated Mazumdar.

He further added, "Their experience has proven invaluable as we've grown and scaled Foxtale."

India's skincare market, valued at USD 6.93 billion in 2023, is projected to reach USD 10.31 billion by 2028 with an 8.25 per cent CAGR according to Research and Markets.

This burgeoning sector has attracted new digital-first brands like Foxtale, Mama Earth, Minimalist and mCaffeine to compete alongside legacy players.

"Romita and her team have built an incredible business rapidly with a sharp product and innovation focus," said Shilpa Kulkarni, Founder and Managing Partner, Panthera Growth Partners.

She mentioned, "We're excited to support their ambitious growth journey."

Targeting women aged 23-35 across metro, Tier 2 and Tier 3 cities, Foxtale sells through e-commerce platforms like Nykaa, Amazon, Blinkit, Flipkart and Myntra in addition to its own website.

(KNN Bureau)


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