Direct-to-Consumer (D2C) skincare brand Foxtale has raised $4 million funding led by Matrix Partners India. Existing investor Kae Capital also participated in the funding round, along with angel investors.
Launched in December 2021 by Romita Mazumdar, Foxtale focuses on affordable skincare products. The company presently sells online and clocks most of its sales through its own website, Mazumdar said.
The startup will utilise the funding to expand its product range, hire senior vertical heads, and to scale up the business across multiple touchpoints.
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.
Matrix Partners India has invested in 10 D2C brands including Foxtale, said Rajat Agarwal, managing director, Matrix India. “The beauty and personal care market in India is growing fast and is expected to reach $28 billion by 2025,” Agarwal added.
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