D2C skincare brand Foxtale raises $4 million funding led by Matrix Partners India

Mumbai: Direct-to-Consumer (D2C) skincare brand Foxtale has raised $4 million, led by Matrix Partners India.

Existing investor Kae Capital also participated in the funding round, along with angel investors.

The Mumbai-based startup was seed funded in August last year.


The startup, launched in December 2021 by Romita Mazumdar, focuses on affordable skincare products.

Mazumdar previously worked as an investment analyst at A91 Partners, which has backed D2C brands like Sugar Cosmetics and Plum.

The company said it will use the latest funding to expand its product range, hire senior vertical heads, and to scale up the business across multiple touchpoints.

Foxtale presently sells online and clocks most of its sales through its own website, Mazumdar said.

The company plans to add more products to its existing line of cleansers, Vitamin C serum, moisturizer and sunscreen. It said it has a repeat rate of more than 50%.

“A big issue in the Indian skincare industry has been the low customer repeat rates. It was clear that efficiency was a big problem for skincare enthusiasts in India and we had to solve it,” she said.

The online beauty market, traditionally dominated by large multinational companies, has had a slew of D2C
beauty brands raise substantial funds in the last two years.

The success of online retailers such as Nykaa and Purplle has fuelled the growth of the D2C beauty category.

Recently, Sugar Cosmetics raised $50 million led by L Catterton. ET reported on May 4 that The Good Glamm Group has been in talks to stitch a $250 million round at a valuation of $1.8-$2 billion. The increased funding in the beauty space comes on the back of Nykaa's blockbuster IPO last year when it debuted on the Indian bourses at a $7.1 billion market capitalization.

Matrix Partners India has invested in 10 D2C brands including Foxtale, said Rajat Agarwal, managing director, Matrix India.

Its other investments include The Whole Truth, Damensch, and Mosaic Wellness.

“The beauty and personal care market in India is growing fast and is expected to reach $28 billion by 2025,” Agarwal added.