D2C Skincare Startup Foxtale Secures $30 Mn in Funding

D2C Skincare Startup Foxtale Secures $30 Mn To Bolster Its R&D Capabilities

SUMMARY

The Mumbai-based skincare startup has secured $30 Mn (INR 259 Cr) in Series C funding led by Japanese multinational KOSÉ Corporation, marking a strategic partnership for the Indian market

The company claims 150% growth in FY25 with 50% D2C revenue contribution and aims to achieve profitability by next fiscal year

Founded in 2021, Foxtale serves over 15 Lakh customers through 20 SKUs and maintains a 50% repeat rate

Mumbai-based D2C skincare brand Foxtale has secured $30 Mn (around INR 259 Cr) in its Series C funding round led by KOSÉ Corporation, along with participation from existing investors Panthera Growth Partners, Z47 and Kae Capital.

The startup will use the fresh capital to strengthen its R&D capabilities and deepen its footprint in existing markets. The startup aims to focus on creating efficacious skincare formulations and expanding its product innovation capabilities.

Founded in 2021 by Romita Mazumdar, Foxtale develops skincare products using modern science and technology. The startup claims to have served more than 15 Lakh customers through its portfolio of 20 SKUs.

“This funding by KOSÉ Corporation will enable us to scale faster, innovate deeper, and bring effective and accessible skincare to even more people across India,” Mazumdar said.

“Foxtale’s rapid growth is driven by product development that places importance on dialogue with customers, cutting-edge digital marketing, and strong sales capabilities that are closely aligned with business partners,” said Kazutoshi Kobayashi, president and CEO of KOSÉ Corporation.

The startup claims to have achieved 150% growth in FY25, with its D2C channel contributing 50% to the brand’s revenue. It maintains a 50% repeat rate and aims to achieve profitability by the end of the next financial year.

In 2022, Foxtale secured $4 Mn in its Pre-Series A funding round led by Matrix Partners India. Following that, last year, the company bagged INR 119 Cr led by Panthera Growth Partners.

According to Inc42’s Indian Tech Startup Funding Report, 2024, the ecommerce sector emerged as the most funded sector in 2024, with D2C startups securing the highest number of deals among its subsectors.

The Indian beauty and personal care (BPC) market has witnessed significant activity in recent months. Earlier this month, RAS Luxury Skincare secured $5 Mn from Unilever Ventures and Amazon Smbhav Venture Fund. In November 2024, Nykaa acquired a majority stake in Earth Rhythm, following its 18.6% stake purchase in 2022. ClayCo Cosmetics raised $2 Mn from Unilever Ventures in October 2024, while Pilgrim secured $9 Mn in August 2024, led by Fireside Ventures and Vertex Ventures.

The BPC market in India is expected to reach $28 Bn by 2030, accounting for 7% of the overall ecommerce market. The sector has attracted more than $1 Bn in funding between 2014 and H1 2024, driven by high margins and innovative product offerings.