Foxtale, a direct-to-consumer skincare brand, has raised $18 million in a Series B funding round led by Singapore-based Panthera Growth Partners. Existing investors Matrix Partners India and Kae Capital also participated in the round. Founded by Romita Mazumdar in January 2022, the Mumbai-based company plans to use the new capital to expand its product categories and recruit top-level executives.
With customers in over 100 cities across India, Foxtale generates 90% of its revenue online. The fresh funds will be directed towards enhancing the company’s digital presence and introducing new products. Foxtale reported gross revenue of Rs 175 crore for FY24 and aims to increase this to Rs 400-450 crore for FY25, with a long-term goal of reaching Rs 1,000 crore within the next three years and achieving profitability by the end of the fiscal year.
Shilpa Kulkarni, Founder and Managing Partner of Panthera Growth Partners, expressed enthusiasm about the partnership, highlighting Foxtale’s rapid growth and strong focus on product innovation. The company aims to offer affordable skincare products designed for Indian skin types, addressing issues such as acne, aging, and hyperpigmentation.
Overall, the new funding is set to drive Foxtale’s ambitious growth plans, reinforcing its position in the digital marketplace and expanding its range of skincare solutions.