Singapore-based private equity firm Panthera Growth Partners has led a $18-million (Rs 150 crore) round in D2C skincare brand Foxtale in its latest move to increase exposure to India.
The transaction, which is also the company's Series B round, saw participation from existing backers Matrix Partners India and Kae Capital as well.
"We hope to continue the relationship of a shared vision as we welcome PGP to Foxtale. The fresh round of funds will be deployed towards expanding our digital footprint and introducing newer categories in our portfolio of products," said Romita Mazumdar, founder of the brand.
Launched in early 2021, Foxtale provides a collection of skincare products to address specific skin concerns such as acne, ageing and hyperpigmentation.
Foxtale claims that its users are spread across 100 Indian cities, spanning over 90% of all Indian pin codes. Foxtale retails on its website, along with digital marketplaces such as Nykaa, Amazon, Blinkit, Flipkart and Myntra. The brand primarily targets women aged 23-35 years, residing in metropolitan, Tier 2 and Tier 3 cities.
"Romita and her team have built an incredible business in a short time with a sharp focus on product and innovation. We are excited to support them as they continue on an ambitious growth journey," said Shilpa Kulkarni, founder and managing partner at Panthera Growth Partners.
Foxtale is said to be having high retention rate of over 50%, which validates the consumer love and consequent growth that the company has seen. The brand aims to turn profitable by FY25.
Matrix Partners led https://www.vccircle.com/matrix-partners-india-leads-series-a-round-in-skincare-brand-foxtale the Series A round in 2022, while Kae Capital invested https://www.vccircle.com/d2c-skincare-brand-foxtale-raises-seed-funding-from-kae-capital-kunal-shah-rohit-ma in the company a year before.
The broader beauty and personal care category has offlate been witnessing increasing interest from the investors. For instance, new age brands like Nat Habit https://www.vccircle.com/bertelsmannamazon-invest-in-personal-care-brand-nat-habit and Pilgrim https://www.vccircle.com/vertexventures-leads-series-b-funding-in-beauty-brand-pilgrim have managed to woo investors last year.