Skincare startup Foxtale raises $18 mn in funding for category expansion
The young entrepreneur further mentioned that Foxtale is a digital-first business, with 90 per cent of its revenue driven digitally | Photo: Shutterstock.com
D2C skincare brand Foxtale on Wednesday said it has raised $18 million (about Rs 150 crore) in a funding round led by Singapore-based Panthera Growth Partners and plans to deploy the fresh capital towards category expansion and top-level hiring.
The Series B funding round also saw participation from the company’s returning investors Matrix Partners India and Kae Capital.
Founded by Romita Mazumdar, the Mumbai-based startup commenced operations in January 2022 and has a vast customer base spanning over 100 Indian cities.
“The fresh round of funds will be deployed towards expanding our digital footprint and introducing newer categories in our portfolio of products. Apart from category expansion, we are also looking to hire some C-suite executives into the team,” Mazumdar told PTI.
The young entrepreneur further mentioned that Foxtale is a digital-first business, with 90 per cent of its revenue driven digitally.
Foxtale’s gross revenue for FY24 stood at Rs 175 crore.
For FY25, the homegrown startup expects to clock a gross revenue of Rs 400-450 crore, and expects to be profitable by the end of the fiscal, Mazumdar said, adding that the brand is targeting a revenue of Rs 1,000 crore in the next 3 years.
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First Published: Jun 12 2024 | 12:24 PM IST