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Foxtale, a D2C skincare brand, has raised $18 million in its Series B funding round led by Singapore-based Panthera Growth Partners.

The round also saw participation from the company’s existing investors, including Matrix Partners India and Kae Capital.

The Mumbai-based startup plans to use the funds to expand its digital presence and introduce product categories.

Founded in 2021 by Romita Mazumdar, Foxtale is a skincare brand that aims to offer affordable products for Indian skin types, addressing issues such as acne, ageing, and hyperpigmentation.

“As a growth equity investor focused on building profitable scalable businesses, we are thrilled to partner with Foxtale. 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, Panthera Growth Partners.

INDIGOEDGE acted as the exclusive financial advisor to Foxtale in this transaction,

The brand caters to women aged 23-35 in metropolitan and Tier II and III cities across 100+ Indian cities. It retails on its website and digital marketplaces such as Nykaa, Amazon, Blinkit, Flipkart, Myntra.

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Foxtale claims to have a retention rate of over 50% and a GMV of Rs 172 crore in FY24, largely due to its D2C website.

“We are very excited to partner with Panthera Growth Partners as we continue to deepen our relationship with our existing investors. As a young brand, their experience has been incredibly pivotal at multiple times of growing and scaling Foxtale. We hope to continue the relationship of a shared vision as we welcome PGP to Foxtale,” said Romita Mazumdar, Founder, Foxtale.