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D2C Skincare Brand Foxtale Secures $14 Million to Fuel Growth

Mumbai-based D2C skincare brand Foxtale has secured Rs 119.5 crore (approximately $14 million) in a new funding round. This marks their first funding in 2024 and their second in the past two years.

The funding round was led by PGP India Growth, Panthera Growth, Matrix Partners, and Beacon Trusteeship. Previously, Foxtale raised $4 million in a pre-Series A round in June 2022 and a seed round in August 2021.

Founded in 2021 by Romita Mazumdar, Foxtale offers a range of affordable skincare products, including solutions for anti-aging, acne control, and hydration. The young company, now valued at Rs 790 crore ($96 million), has witnessed significant growth in the last fiscal year, recording Rs 13.8 crore in operating revenue, a substantial increase from Rs 20 lakh in FY22.


However, despite the revenue growth, Foxtale's losses also saw a significant rise, reaching Rs 18.49 crore in FY23 compared to Rs 2.48 crore in FY22. Despite this, the company claims to have achieved break-even in Q2 of FY24 and aspires to become a Rs 1,000 crore brand within the next five years.


This funding round comes as positive news for the D2C skincare ecosystem, which has seen a decline in funding activities in the past year. Foxtale will face competition from established players like Sugar Cosmetics, WOW Skin Science, Plum, MamaEarth, and Minimalist, but their recent funding demonstrates their potential for growth in the competitive landscape.


It is important to note that Sugar Cosmetics is also reportedly seeking around $100 million in funding, indicating continued investor interest in the D2C beauty market despite the recent slowdown.


 

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