Private equity-backed Foxtale, a new-age D2C skincare brand, has roped in an overseas strategic investor for its Series C round of funding that also saw participation from some of the existing financial backers.
The Mumbai-based Foxtale has raised $30 million (Rs 250 crore) in this round, led by Japanese multinational company KOSÉ Corporation. The early investors--Panthera Growth Partners, Z47, and Kae Capital--also contributed in this round.
As part of the transaction, Foxtale has also entered into a strategic partnership with KOSÉ corporation to expand the global beauty leader’s presence in India.
The fresh infusion will be mainly diverted towards deepening the firm's footprint in existing markets and strengthening its R&D capabilities.
"This funding by KOSÉ Corporation will enable us to scale faster, innovate deeper, and bring effective and accessible skincare to even more people across India. Beyond growth, this partnership also marks a step towards fostering stronger global relations, blending international expertise with local insights," said Romita Mazumdar, founder at Foxtale.
Launched in early 2021, Foxtale provides a targeted collection of skincare products to address specific skin concerns, including acne, ageing, hyperpigmentation and more. It currently offers over 20 SKUs.
The startup claims to have achieved a 150% growth in FY25 revenue, driven by its strong focus on D2C through its website.
Foxtale’s D2C channel contributes half of the brand’s revenue and continues to have a strong repeat rate of 50%. Foxtale aims to achieve profitability by the close of the next financial year.
“We are very happy to have concluded a capital and strategic partnership with fast-growing Foxtale in the premium mass skin care market on the occasion of the 10th anniversary of our entry into the Indian market," said Kazutoshi Kobayashi, president & CEO of KOSÉ Corporation.
The Tokyo Stock Exchange-listed Kose, formed in 1946, focuses mainly on the manufacturing and marketing of cosmetics.
Foxtale had secured around $18 million in its Series B round of funding in June 2024, led by Panthera Growth Partners.
Matrix Partners led the Series A round in 2022, while Kae Capital invested in the company a year before.
The beauty and personal category, especially skin care category, is still witnessing interest from both strategic and financial backers.
On Tuesday, VCCircle reported that D2C consumer care brand Minimalist is in talks to raise funding from a marquee venture capital fund amid talks that FMCG giant HUL is buying the company.
Also, last week beauty brand RAS Luxury Skincare raised $5 million in a new round of funding led by Unilever Ventures, the investment arm of consumer goods major Unilever.