Foxtale Raises $18 Million in Funding Round Led by Panthera Growth Partners

Direct-to-consumer (D2C) skincare firm Foxtale has successfully raised $18 million (Rs 150 crore) in a funding round led by Singapore-based Panthera Growth Partners. This round also saw participation from existing investors Matrix Partners India and Kae Capital, with $15 million raised as primary funding and the remainder as secondary. Prior to this round, Foxtale had secured over $7 million, including $4 million from a funding round co-led by Matrix and Kae in June of the previous year.

Founded in 2021 by Romita Mazumdar, a former executive at Mumbai-based investment firm A91 Partners, Foxtale specializes in face care products. The newly acquired funds will be utilized to expand into new categories, particularly body care products such as lotions and body washes. "As a category, body care is picking up as we see consumers focusing on things like moisturisation and sunscreen," Mazumdar explained.

Foxtale is currently achieving a gross revenue run rate of Rs 250 crore and aims to close FY25 with Rs 400-450 crore in revenue. The company also plans to turn Ebitda (earnings before interest, taxes, depreciation, and amortisation) profitable by FY25. In FY24, Foxtale reported about Rs 170 crore in revenue. Approximately 50% of the company’s revenue is generated from its own website, 40% from online marketplaces, and 10% from offline general trade stores.

Shilpa Kulkarni, founder and managing partner of Panthera Growth Partners, expressed enthusiasm about the partnership: "As a growth equity investor focused on building profitable, scalable businesses, we are thrilled to partner with Foxtale. Romita and her team have built an incredible business in a short time with a sharp focus on product and innovation."

Panthera Growth Partners has previously backed Indian consumer startups such as BigBasket, Pepperfry, and Zivame, while Matrix Partners has invested in several D2C startups, including The Whole Truth, Damensch, and Country Delight. Kae Capital has supported startups like Healthkart.

In the competitive skincare segment, Mumbai-based Foxtale faces rivals such as Peak XV Partners and Unilever Ventures-backed Minimalist, Vertex Ventures-backed Pilgrim, and A91 Partners-backed Plum. Listed firms Nykaa’s Dot & Key and Honasa Consumer’s Mamaearth and The Derma Co are also strong competitors.

Mazumdar emphasized the company’s commitment to quality: "We only have 18 SKUs and we want to focus on delivering high efficacy and quality products to customers that inspire brand loyalty… we already see about 50% of our revenue come from repeat customers."