Foxtale, a D2C (direct-to-consumer) skincare company, has raised $4 million in a pre-Series A round led by Matrix Partners India and including existing investor Kae Capital and angel investors.
The latest funding will be used to extend the company’s product line, recruit senior vertical heads, and scale the business across different touchpoints, according to the company.
Speaking of the funding, Romita Mazumdar, Founder and CEO, Foxtale, said, “A big issue in the Indian skincare industry has been the low customer repeat rates. It was clear that efficacy was a big problem for skincare enthusiasts in India and we had to solve it. Our focus is on understanding our customers and customer NPS (net promoter score); however, there is still a long way to go.”
In August of last year, the Mumbai-based company raised its seed round. Romita Mazumdar founded the company in December 2021 with the goal of providing cheap skincare products.
Foxtale claims it intends to close the gap between quality and cost, making skincare more accessible to everyone. Romita claims to have interviewed over 3,000 women to learn what the modern Indian woman wants in skincare.
“The beauty and personal care market in India is growing fast and is expected to reach $28B by 2025. We are privileged to partner with Romita and the Foxtale team as they aim to disrupt this market through innovative products and differentiated go-to-market strategies,” said Rajat Agarwal, Managing Director, Matrix India.
“Foxtale is different from other skincare brands. Its focus on high efficacy and the vigorous testing they conduct before launching a product is unlike any other. Foxtale sources 80 percent of its ingredients from premiere labs across the globe,” commented Sunitha Viswanathan, Partner, Kae Capital.
Foxtale started in response to our experience as consumers. Over the years they realised quality skincare products are a luxury accessible to few women in India.
With Foxtale they wanted to change that – create a skincare brand that puts consumers’ needs at the centre of things – in their research, in their formulations and in their community. Over the years, skincare started becoming an elaborate ritual that often failed to deliver the necessary results or a sensorial relief. Foxtale exists to change that.