[Funding alert] D2C brand Foxtale raises $4M in Pre-Series A round

D2C (direct-to-consumer) skincare brand Foxtale has raised $4 million in a pre-Series A funding round led by Matrix Partners India with participation from existing investor Kae Capital and angel investors.

The fresh capital will be used in expanding the product range, hiring senior vertical heads, and in scaling the business across multiple touchpoints.

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."

The Mumbai-based startup had raised its seed round in August last year. Foxtale, launched in December 2021, said it found an early product-market fit and a repeat rate of more than 50 percent which led to a quick pre-Series A round.

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Foxtale wants to bridge the gap between efficacy and affordability, making skincare accessible to all. To understand what the modern Indian woman is looking for in skincare, Romita claims to have conducted interviews with more than 3,000 women.

“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 a new entrant in the rapidly growing D2C skincare market in India. Other players in the segment include SUGAR Cosmetics, WOW Skin Science, Plum Goodness, and others.

“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.