D2C skincare brand Foxtale raises $18 million led by Panthera Growth

Foxtale will use the money to focus on category expansion and scale its core digital business.

Foxtale, a direct to consumer (D2C) skincare brand, has raised $18 million (around Rs 150 crore) in a round led by Singapore-based Panthera Growth Partners, as investors continue to back new-age cosmetic companies.

Existing investors like Matrix Partners India and Kae Capital also participated in the round, the company said on June 12.

While $14 million is in the form of primary capital, the remaining $4 million is secondary transactions, giving an exit to early investors. Cred’s Kunal Shah and Cloudnine Hospital’s Rohit MA are a few of the company’s early investors.

The funding comes at a time when investors are lining up to back new-age companies in the skincare space. Deepika Padukone’s 82° East is preparing to raise around $6.3 million from investors and CHOSEN raised $1.2 million from friends and family. In 2023, Pilgrim raised $20 million from Vertex Ventures to double down on skincare categories.

Foxtale will use the money to focus on category expansion and scale its core digital business. Its core customers are women aged 23 to 35 years and residing in metropolitan, Tier 2 and 3 cities.

“As a young brand, their experience has been incredibly pivotal at multiple times of growing and scaling Foxtale,” Foxtale founder Romita Mazumdar said.

The company claims to have clocked Rs 172 crore in gross merchandise value (GMV) in FY24, primarily driven by its D2C website.

“Foxtale has delivered impressive growth with solid unit economics, positioning them well on the path to profitability. Having backed over 15 consumer brands over the years, our belief in the Indian consumer story is unwavering. We will continue to make new investments in this space," Matrix Partners India managing director Rajat Agarwal said.

Founded in 2021, Foxtale had raised $19 million prior to this round and was last valued at around $100-120 million, as per Tracxn, a private markets data provider.