[Funding News] EkAnek’s Foxy Raises INR 21.6 Cr Funding Led by Lightspeed

The online retailer Foxy, which sells a variety of cosmetic, grooming, and beauty products, has secured Rs 21.6 crore from its current investor Lightspeed India Partners.

The funds will be used for general corporate reasons, footprint expansion, and growth acceleration by the company.

Additionally, Foxy added 7,520 stock options to its ESOP pool, increasing the total number of options from 22,137 to 28,627, as reported by Entrackr.

Read also - Investment Firm Finvolve Closes Maiden Fund At INR 100 Cr

Foxy is changing its emphasis to provide consumers with advisory services, such as skincare guidance, and its current backers, Peak XV, are anticipated to contribute $10 million in a new round.

Lightspeed Venture Partners is a multi-stage venture capital firm Lightspeed team also helped build more than 500 companies globally including Affirm, Carta, Cato Networks, Epic Games, Faire, Forty Seven, Guardant Health, Mulesoft.

During the fiscal year that ended in March 2023, Foxy's operating revenue increased 3.8X to Rs 36 crore, while its losses remained at Rs 28 crore. The business has not yet submitted its FY24 financial results.

About EkAnek’s Foxy

Founded in 2018 by Chandranshu Sinha, Kartik Sheth, Nikhil Gilani and Sachin Singhal, Foxy is an online store selling cosmetics, grooming, and beauty supplies.

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