Foxtale Secures $18M in Series B Funding for Expansion

Foxtale, a D2C skincare brand, raised $18 million in a funding round led by Panthera Growth Partners. The funds will support category expansion and C-suite hiring. Founded by Romita Mazumdar, the startup aims for significant revenue growth and profitability by FY25.

Foxtale, a direct-to-consumer skincare brand, announced on Wednesday that it has secured USD 18 million in a funding round spearheaded by Panthera Growth Partners, based in Singapore. The newly acquired capital will be invested in expanding the company's product categories and hiring top-level executives.

The Series B funding round also saw renewed contributions from Matrix Partners India and Kae Capital, the company's existing investors. The Mumbai-based brand, founded by Romita Mazumdar, started its journey in January 2022 and now serves a customer base in over 100 cities across India.

The injection of fresh funds is aimed at broadening Foxtale's digital presence and introducing new product categories, Mazumdar told PTI. As a digital-first entity, Foxtale generates 90% of its revenue online. The company reported gross revenue of Rs 175 crore for FY24 and is projecting a significant increase to Rs 400-450 crore for FY25, with the goal of reaching Rs 1,000 crore within the next three years and achieving profitability by the end of the fiscal year.