D2C skincare brand Foxtale raises $14 million funding led by Panthera Growth Partners

The round also saw participation from the company’s existing backers Matrix Partners India and Kae Capital.

Launched in 2021 by Romita Mazumdar, a former executive at Mumbai-based investment firm A91 Partners, Foxtale Consumer last raised $4 million in 2022 from Matrix Partners and Kae Capital.

While Panthera Growth Partners has earlier backed Indian consumer startups such as BigBasket, Pepperfry and Zivame, Matrix Partners has invested in several D2C startups, including The Whole Truth, Damensch and Country Delight. Kae Capital has backed startups like Healthkart.

For 2022-23, Foxtale Consumer’s first full year of operations, the company reported operating revenue of Rs 14 crore, with a net loss of Rs 18 crore, as it invested in branding and marketing, regulatory filings sourced from Tofler showed.

In the skincare segment – selling products such as moisturisers, serums, sunscreen lotions, creams and gels – the Mumbai-based startup competes with brands such as Peak XV Partners and Unilever Ventures-backed Minimalist, Vertex Ventures-backed Pilgrim, Nykaa’s Dot & Key, A91 Partners-backed Plum and Honasa Consumer’s Mamaearth and The Derma Co.

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According to a study by Redseer Strategy Consultants and Peak XV Partners, India’s beauty and personal care market is estimated to outpace other markets with a compounded annual growth rate of 10% between 2022 and 2027 to reach a size of $30 billion. Foxtale Consumer’s fundraising comes at a time when risk capital investors are increasingly turning towards consumer brands from tech companies, owing to high valuations commanded by technology startups.

The fresh round of funding follows a clutch of consumer brands including luggage maker Mokobara, which raised $12 million in a round led by Peak XV Partners in February, beauty and wellness brand Nat Habit receiving a $10 million infusion in December 2023 led by Bertelsmann India Investments and personal care brand Pilgrim, which secured a $20 million funding in September last year led by Vertex Ventures.

The round also saw participation from the company’s existing backers Matrix Partners India and Kae Capital.

Launched in 2021 by Romita Mazumdar, a former executive at Mumbai-based investment firm A91 Partners, Foxtale Consumer last raised $4 million in 2022 from Matrix Partners and Kae Capital.

While Panthera Growth Partners has earlier backed Indian consumer startups such as BigBasket, Pepperfry and Zivame, Matrix Partners has invested in several D2C startups, including The Whole Truth, Damensch and Country Delight. Kae Capital has backed startups like Healthkart.

For 2022-23, Foxtale Consumer’s first full year of operations, the company reported operating revenue of Rs 14 crore, with a net loss of Rs 18 crore, as it invested in branding and marketing, regulatory filings sourced from Tofler showed.

In the skincare segment – selling products such as moisturisers, serums, sunscreen lotions, creams and gels – the Mumbai-based startup competes with brands such as Peak XV Partners and Unilever Ventures-backed Minimalist, Vertex Ventures-backed Pilgrim, Nykaa’s Dot & Key, A91 Partners-backed Plum and Honasa Consumer’s Mamaearth and The Derma Co.

Discover the stories of your interest

According to a study by Redseer Strategy Consultants and Peak XV Partners, India’s beauty and personal care market is estimated to outpace other markets with a compounded annual growth rate of 10% between 2022 and 2027 to reach a size of $30 billion. Foxtale Consumer’s fundraising comes at a time when risk capital investors are increasingly turning towards consumer brands from tech companies, owing to high valuations commanded by technology startups.

The fresh round of funding follows a clutch of consumer brands including luggage maker Mokobara, which raised $12 million in a round led by Peak XV Partners in February, beauty and wellness brand Nat Habit receiving a $10 million infusion in December 2023 led by Bertelsmann India Investments and personal care brand Pilgrim, which secured a $20 million funding in September last year led by Vertex Ventures.