Foxtale, the direct-to-consumer (D2C) skincare brand founded by Romita Mazumdar in 2021, has raised $30 million (approximately Rs 250 crore) in its latest funding round. The round was led by Kose Corporation, a renowned Japanese beauty products company, with participation from existing investors including Z47 (formerly Matrix Partners India), Kae Capital, and Panthera Growth Partners.
This fresh capital infusion marks Foxtale’s second funding round within a year, following an $18 million raise in June 2024. The company plans to leverage the new funds to expand its product offerings and bolster its online presence. Furthermore, Foxtale has entered a strategic partnership with Kose Corporation, aiming to expand the global beauty leader’s footprint in the Indian market.
Known for its affordability and a skincare range tailored to Indian skin concerns such as acne, aging, and hyperpigmentation, Foxtale has rapidly gained traction. The brand’s products are available through its website and on popular online marketplaces like Nykaa, Amazon, Blinkit, Flipkart, and Myntra.
Foxtale’s revenue split is notable, with 50% of its income generated from its own website, 40% from online marketplaces and quick commerce platforms, and the remaining 10% from offline retail outlets. The brand now serves over 15 lakh customers with a catalog of 20 skincare products, and it recently expanded into bodycare, launching a new range in 2024. This launch was supported by valuable insights from a consumer panel of 11,000 women.
In 2024, Foxtale saw an impressive 150% year-over-year growth, more than doubling its revenue from the previous year. The company’s strong customer retention and focused product lineup have contributed to its rapid expansion. With this momentum, Foxtale is on track to achieve profitability by the end of the next financial year.
Despite competition from well-established players such as Sugar Cosmetics, WOW Skin Science, Plum, MamaEarth, and Minimalist, Foxtale’s focused product strategy and impressive growth position it as a formidable player in the D2C skincare space. As the brand continues to expand, it looks set to reshape the skincare landscape in India while also establishing a strong presence in global markets.
