Foxtale, a direct-to-consumer skincare brand, announced on Wednesday that it has raised $18 million, or around Rs 150 crore, in a funding round headed by Panthera Growth Partners, a Singaporean company. The company intends to use the additional funds for category growth and executive hiring.
The company’s returning investors Matrix Partners India and Kae Capital also participated in the Series B fundraising round. The Mumbai-based firm, founded by Romita Mazumdar, started operations in January 2022 and has a large customer base that spans more than 100 Indian locations.
The newly raised capital will be used to broaden our product portfolio’s internet presence and add other product categories. In addition to growing the category, we also want to add some C-suite executives to the team, Mazumdar said PTI. The youthful businessman went on to say that Foxtale generates 90% of its sales online and is a digital-first company.
Foxtale made a total of Rs 175 crore in gross revenue in FY24.According to Mazumdar, the in-house startup anticipates a gross revenue of Rs 400–450 crore for FY25 and will turn a profit by the end of the fiscal year. The brand also plans to reach a sales target of Rs 1,000 crore within the following three years.
