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

Foxtale, a D2C skincare brand, has raised $18 million in its Series B round of funding, led by Singapore-based Panthera Growth Partners. The round also saw participation from the company’s existing backers, Matrix Partners India and Kae Capital. 

Foxtale currently provides a targeted collection of skincare products to address specific skin concerns, including acne, aging, hyperpigmentation, and more. This year, Foxtale will be focusing on category expansion and upscaling the core digital business. 

The company closed FY24 at Rs 172 crore in GMV sales, primarily driven by its D2C website, as per a company statement. Similarly, the company claims to have a high retention rate of over 50 per cent. 

Read: CHOSEN Raises $1.2 Million in Seed Funding Round

Foxtale’s users are spread across 100+ Indian cities, spanning over 90% of all Indian pin codes. Foxtale retails on its website, along with digital marketplaces such as Nykaa, Amazon, Blinkit, Flipkart, Myntra, etc., thereby making it accessible to women aged 23–35 who reside in metropolitan, Tier 2 and Tier 3 cities. 

Rajat Agarwal, Managing Director, Matrix Partners India, shared, "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." 

Foxtale claims to place emphasis on providing skincare solutions for 300+ skincare profiles through its thorough R&D and efficacy testing of its products. IndigoEdge was the exclusive financial advisor to Foxtale on this transaction. 

In March 2024, the company raised $14 million in funding led by Singapore-based Panthera Growth Partners. Matrix Partners and Kae Capital also participated in the investment. The skincare industry in India is growing. The beauty and personal care industry is globally expected to grow from $2.2 trillion to $2.7 trillion by 2027, as per Redseer Strategy Consultants. The country is home to a lot of beauty and personal care start-ups, such as OneSkin, Mamaearth, Planity, Dot & Key Skincare, and others.