Indian D2C beauty brand Foxtale collects $18 million in series B funding

Photo credit: Foxtale

India’s beauty D2C landscape has been flourishing in the last few years, with VC firm Lightbox calling it the busiest industry for VC money to flow into. MyGlamm, Sugar Cosmetics, and Mamaearth, which went public in November 2023, are some of the top-funded startups in the space.

Foxtale, another player in the segment, is looking to climb the ranks. The company has raised US$18 million in a series B funding headed by Singapore’s Panthera Growth Partners. Matrix Partners India and Kae Capital also invested.

The round came just months after Foxtale secured US$14 million from its series A, according to Tech in Asia‘s database. To date, Foxtale has raised nearly US$37 million in total.

Founded in 2020 by former investment analyst Romita Mazumdar, Foxtale makes products for skin issues like acne, ageing, and hyperpigmentation. The company sells its products on its own website, where it has an over 50% retention rate, as well as on digital marketplaces such as Nykaa, Amazon, Blinkit, Flipkart, and Myntra.

Foxtale said it registered 1.72 billion rupees (US$20.6 million) in gross merchandise value for financial year 2024. Its customers are spread across over 100 Indian cities, spanning the metropolitan, Tier 2, and Tier 3 areas.

The brand aims to use the fresh funds to increase its online presence and introduce new product categories.

D2C beauty and skincare brands have also made waves across Southeast Asia. Singapore’s Skin Inc has found success in the US and is targeting to list on the Nasdaq, while Indonesia’s Esqa says it turned profitable even before raising external funding.

Currency converted from rupees to US dollar: US$1 = 83.56 rupees.

See also: Mapping Singapore’s leading D2C brands