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Foxtale raises $18M in Series B Funding led by Panthera Growth Partners
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Mumbai, Wednesday, 12th June, 2024: Foxtale, a D2C skincare brand delivering efficacious products through industry-leading R&D and deep insights into Indian skin types, raised $18 million in its Series B round of funding, led by Singapore-based Panthera Growth Partners. The round also saw participation from the company’s existing backers, Matrix Partners India and Kae Capital.
Founded by Romita Mazumdar, Foxtale is on a mission to create high-performing products that deliver visible results. The brand currently offers a targeted collection of skincare products to address specific skin concerns, including acne, aging, hyperpigmentation, and more. While other brands may rely on market trends, Foxtale draws inspiration from the experiences of over 10 lakh women. Their stories, struggles, and triumphs shape every product and decision. This year, the brand will focus on category expansion and upscaling of its core digital business.
With a burgeoning appetite for skincare among discerning women in India, Foxtale’s users are spread across 100+ Indian cities, spanning over 90% of all Indian pin codes. Foxtale retails on its website, along with digital marketplaces such as Nykaa, Amazon, Blinkit, Flipkart, Myntra, etc., making it accessible to women aged 23-35 years, residing in metropolitan, Tier 2, and Tier 3 cities.
On the funding, Romita Mazumdar, Founder, Foxtale, shared, “We are excited to announce our partnership with Panthera Growth Partners as we further strengthen our relationship with our existing investors. We have been incredibly fortunate to have investors who take pride in our product innovation and support our ongoing focus on profitability. As a young brand, their experience has been invaluable during our growth and scaling phases at Foxtale. We look forward to continuing this shared vision as we welcome PGP to the Foxtale family. The new round of funding will be used to expand our digital presence and introduce new categories to our product portfolio.”
Shilpa Kulkarni, Founder and Managing Partner, Panthera Growth Partners, said, “As a growth equity investor focused on building profitable scalable businesses, we are thrilled to partner with Foxtale. Romita and her team have built an incredible business in a short time with a sharp focus on product and innovation. We are excited to support them as they continue on an ambitious growth journey.”
Rajat Agarwal, Managing Director, Matrix Partners India, shared, "We are excited to continue to support Foxtale as they emerge as one of the fastest-growing consumer brands in the country. Led by a founder with a deep focus on consumer needs, Foxtale has delivered impressive growth with solid unit economics, positioning them well on the path to profitability. Congratulations to the entire Foxtale team on this milestone, and we welcome PGP to the partnership. Having backed over 15 consumer brands over the years, our belief in the Indian consumer story is unwavering. We will continue to make new investments in this space."
Sunitha Viswanathan, Partner, Kae Capital, shared, “In this cluttered market of skincare brands, Foxtale has stuck to their core value of delivering efficacy for the Indian woman. This is evident in their customer love and rapid scale within 2 years of launch. We are proud to be Foxtale’s earliest backer and are thrilled to participate again in this round. We believe that Romita’s single-minded focus on doing the right things for the customer will propel Foxtale even further.”
About Foxtale:
Led by visionary founder Romita Mazumdar, Foxtale is reshaping the skincare landscape by placing consumer narratives at the forefront of its mission. Inspired by resilience and individuality, Foxtale pioneers efficacious skincare solutions tailored specifically for Indian skin, addressing a significant gap in the market. Foxtale crafts efficacious skincare solutions tailored for Indian skin, driven by consumer narratives and a commitment to excellence. Foxtale is revolutionizing skincare, reminding individuals that their beauty deserves to be celebrated and empowered. Visit https://foxtale.in
About Matrix Partners India:
Foundedin 2006, the firm invests in companies targeting the Indian consumer andenterprise market at the seed, early, and early growth stages. Matrix India hasinvested in several markets leading consumer-focused companies such as CountryDelight (D2C dairy & fresh foodsbrand), Mosaic Wellness (health& wellness digital platform), W For Woman (ready-towear fashion label), OZiva (India'sleading clean, plant-based nutrition brand), Open Secret ('unjunked'snack brand), The Whole Truth (cleanlabel food brand), DaMENSCH (premiummen's apparel brand). Other marquee investments include Ola (mobility), Dailyhunt (mobilelocal language platform), Razorpay (payments), OfBusiness (B2BCommerce, fintech), Five Star Business Finance (SMElending), Ola Electric (electricvehicles), Stanza Living (tech-enabledstudent housing platform), OneCard (mobile-firstcredit card), DealShare (socialcommerce platform), GoKwik (e-commerceenablement platform), Captain Fresh (seafoodmarketplace), Bijnis (B2Bplatform for factories), MoEngage (intelligentmarketing cloud platform), Jupiter (consumerneo bank), Mswipe (mobilePOS), Zupee (leadingskill-based gaming app) and Oxyzo (atech-enabled smart financing solution provider) among others. MatrixIndia has advisory offices in Bangalore, Delhi, and Mumbai. Matrix Partners hasa global network of funds investing in the US, China and India, withapproximately $5 billion under management. Further information is availableat www.matrixpartners.in. Toknow more about our investment philosophy & ideologies, check out the#MatrixMoments podcast series.
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