Direct-to-customer skincare brand Foxtale has raised $18 million or roughly Rs 150 crore in a funding round led by Singapore-based Panthera Growth Partners. The startup plans to deploy the fresh capital towards category expansion and top-level hiring, it said on Wednesday.
The Series B funding round also saw participation from the company's returning investors Matrix Partners India and Kae Capital.
Founded by Romita Mazumdar, the Mumbai-based personal care product manufacturer commenced operations in January 2022 and has a vast customer base spanning over 100 Indian cities.
"The fresh round of funds will be deployed towards expanding our digital footprint and introducing newer categories in our portfolio of products," Mazumdar told PTI. "Apart from category expansion, we are also looking to hire some C-suite executives into the team."
The entrepreneur mentioned that Foxtale is a digital-first business, with 90% of its revenue driven digitally.
Foxtale's gross revenue in the last financial year stood at Rs 175 crore. In the current fiscal, the homegrown startup expects to clock a gross revenue of Rs 400–450 crore and expects to be profitable by the end of the fiscal, Mazumdar said, adding that the brand is targeting a revenue of Rs 1,000 crore in the next three years.
With PTI inputs.
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