Foxtale Secures $14 Million in Funding Led by Panthera Growth Partners

Preeti Bali / 9:03 am / March 8, 2024

Foxtale Consumer, a direct-to-consumer (D2C) skincare company based in Mumbai, has secured $14 million (Rs 120 crore) in fresh equity funding. This investment round was spearheaded by Singapore-based venture capital firm Panthera Growth Partners, with continued support from existing investors Matrix Partners India and Kae Capital.

Launched in 2021 by Romita Mazumdar, a seasoned industry veteran with experience at investment firm A91 Partners, Foxtale has experienced steady growth. The company’s previous funding round of $4 million was secured in 2022 from Matrix Partners and Kae Capital.

Experienced Investors Back Foxtale’s Vision

Panthera Growth Partners, the lead investor in this round, boasts a successful track record of supporting Indian consumer brands, including BigBasket, Pepperfry, and Zivame. Similarly, Matrix Partners India is known for its investments in D2C startups like The Whole Truth, Damensch, and Country Delight. Kae Capital, another returning investor, has a history of backing promising ventures like Healthkart.

Financial filings reveal that Foxtale Consumer reported operating revenue of Rs 14 crore in its first full year of operations (2022-23). As the company invested heavily in branding and marketing initiatives to establish its brand identity, it also incurred a net loss of Rs 18 crore during this period.

Foxtale competes in the crowded Indian skincare market, offering products such as moisturizers, serums, sunscreens, creams, and gels. Key players in this space include Minimalist (backed by Peak XV Partners and Unilever Ventures), Pilgrim (backed by Vertex Ventures), Nykaa’s Dot & Key, Plum (backed by A91 Partners), Mamaearth, and The Derma Co (both backed by Honasa Consumer).

A Thriving Market Attracts Investment For Foxtale

A recent study by Redseer Strategy Consultants and Peak XV Partners projects a promising outlook for India’s beauty and personal care market. The market is expected to witness a compound annual growth rate (CAGR) of 10% between 2022 and 2027, reaching a size of a staggering $30 billion. This growth potential is attracting investment away from tech companies and towards established and emerging consumer brands.

Foxtale’s funding aligns with this trend, following a string of recent investments in consumer brands. These include luggage maker Mokobara ($12 million in February, led by Peak XV Partners), beauty and wellness brand Nat Habit ($10 million in December 2023, led by Bertelsmann India Investments), and personal care brand Pilgrim ($20 million in September 2023, led by Vertex Ventures).

This fresh infusion of capital will empower Foxtale Consumer to solidify its market position and pursue its growth ambitions within the flourishing Indian skincare market.

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