Foxtale: D2C Skincare Brand Secures Rs 250 Crore in Series C Funding

Foxtale, a direct-to-consumer (D2C) skincare brand, has successfully secured Rs 250 crore (close to $30 million) in its Series C funding round. This funding was led by Kose Corporation, a renowned Japanese beauty products firm, along with contributions from existing investors including Z47 (previously known as Matrix Partners India), Kae Capital, and Panthera Growth Partners.

Details on the Funding Round

Other than the investor names, specific details about the funding round were not disclosed. Startup Superb has reviewed regulatory filings to reveal important information such as shareholding patterns and valuations.

The board of Foxtale has issued 20 equity shares along with 18,847 Series C compulsory convertible preference shares at an issue price of Rs 1,32,237 each, culminating in the total raise of Rs 250 crore or $30 million.

Investments from Key Players

Kose Corporation has led the investment round with a contribution of Rs 153 crore (approximately $18 million). Z47 (formerly Matrix Partners India) followed with an investment of Rs 45.95 crore (around $5.4 million). Additional investments came from Panthera Growth Partners and Kae Capital, which injected Rs 29.5 crore ($3.5 million) and Rs 21 crore ($2.5 million), respectively.

Company Valuation Insights

According to estimates from Startup Superb, Foxtale’s post-money valuation has jumped to Rs 1,530 crore (about $180 million), effectively doubling its prior valuation of Rs 795 crore (around $93.5 million).

Data from various startup intelligence sources indicates that this Mumbai-based skincare brand has raised nearly $52 million overall. Following the latest Series C round, Z47 (formerly Matrix Partners India) retains the title of the largest external shareholder with a 19.64% stake, trailed by Kae Capital at 17.35% and Panthera Growth Partners at 12.62%. The new investor, Kose Corporation, now possesses a 10% stake, while the company’s Founder and CEO, Romita Mazumdar, holds a significant 34.38% stake.

About Foxtale

Established in 2021, Foxtale focuses on affordable skincare solutions tailored for Indian skin types, addressing concerns like acne, ageing, and hyperpigmentation. Customers can find its products available on the brand’s official platform and through several popular marketplaces such as Nykaa, Amazon, Blinkit, Flipkart, and Myntra.

Financial Performance

For the fiscal year concluding FY24, the D2C brand reported an impressive nearly sixfold growth in operating revenue, amounting to Rs 83 crore, compared to Rs 14 crore in FY23. Nonetheless, it also faced a loss of Rs 55 crore during FY24.