The round also saw participation from a host of angel investors, including Unilever’s former chief marketing officer Samir Singh, Reckitt’s managing director Arjun Purkayastha and Mokobara’s founder Sangeet Agrawal among others
The startup will deploy the fresh proceeds for product innovation and research, expand distribution channels and onboarding new talents
Founded in 2023 by Nikita Khanna and Anmol Ahlawat, Moxie Beauty is a D2C haircare consumer brand that claims to make products tailored for Indian hair textures
Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
D2C haircare startup Moxie Beauty has raised INR 17.3 Cr ($2.1 Mn) in a seed funding round led by Fireside Ventures.
The round also saw participation from a host of angel investors, including Unilever’s former chief marketing officer Samir Singh, Reckitt’s managing director Arjun Purkayastha and Mokobara’s founder Sangeet Agrawal among others.
The startup will deploy the fresh proceeds for product innovation and research, expand distribution channels and onboarding new talents.
Founded in 2023 by Nikita Khanna and Anmol Ahlawat, Moxie Beauty is a D2C haircare consumer brand that claims to make products tailored for Indian hair textures.
While Khanna is a former consultant at McKinsey & Company, Ahlawat is a former general manager at Paytm.
“Moxie’s approach to building products suited for Indians who have wavy, frizzy and curly hair is a refreshing innovation in the large and growing hair care and beauty space,” said Fireside Ventures’ cofounder and partner Dipanjan Basu.
Founded in 2015, Fireside Ventures is a venture capital firm based out of Bengaluru. It has an investment portfolio of 63 companies with the likes of startups like Traya, and Mamaearth in its investment list.
This funding comes at a time when haircare startup customised for Indian consumers are gaining traction from investors.
Not to mention, in March, haircare brand Fix My Curls raised an undisclosed amount in a seed funding round led by Amazon’s small and medium businesses-focused venture fund Smbhav Venture Fund.
Following this in April, haircare startup Traya raised INR 75 Cr (around $9 Mn) from Xponentia Capital in an undisclosed funding round.
It is pertinent to note that in the post-pandemic era, Indian consumers have adopted a very conscious approach towards skincare and haircare products. With this trend, a wave of D2C brands, including Pilgrim, Ravel Care, Mars by GHC (Good Health Company), and Bare Anatomy, formed a beeline to cater to their haircare needs, eventually flooding marketplaces like Amazon, Flipkart and Nykaa.
Just in 2024, the Indian haircare market is projected to generate a revenue of $ 3.06 Bn, according to Statista.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.