Foxtale, a direct-to-consumer (D2C) skincare brand, has raised $30 million (approximately Rs 250 crore) in its Series C funding round, led by Japanese beauty giant KOSÉ Corporation. The investment also saw participation from Panthera Growth Partners, Z47, and Kae Capital. This strategic partnership with KOSÉ is expected to enhance Foxtale’s presence in India, leveraging the synergy between the brand’s deep understanding of the Indian beauty market and KOSÉ’s global expertise.
Romita Mazumdar, founder of Foxtale, expressed optimism about the partnership’s potential. “This collaboration will redefine beauty standards in India, a billion-dollar market,” Mazumdar said. She further highlighted that the funding would be directed toward expanding the company’s research and development (R&D) efforts, a cornerstone of Foxtale’s growth strategy. “Research has always been integral to our success, and we are committed to investing in advanced technologies to create targeted skincare solutions tailored to Indian consumers. This investment will help us continue innovating and leading the market.”
Founded in 2021, Foxtale aims to capitalize on KOSÉ’s cutting-edge R&D capabilities to expand its product offerings. Currently, the brand offers 20 stock-keeping units (SKUs), with Mazumdar hinting at the potential for new product lines. “This partnership will accelerate our growth and innovation, enabling us to deliver effective skincare solutions to even more people across India,” she said. “It also strengthens global ties, blending international expertise with local insights.”
Kazutoshi Kobayashi, President and CEO of KOSÉ Corporation, underscored the strategic importance of the partnership. “We are thrilled to enter into this capital and strategic partnership with Foxtale, especially on the 10th anniversary of our entry into the Indian market,” he stated. “This collaboration marks a significant step forward as we look to expand our footprint in India and solidify our position in the premium mass skincare market.”
Foxtale differentiates itself from competitors by focusing on product efficacy and customer-centric solutions, rather than following fleeting trends. Mazumdar pointed to the brand’s loyal customer base as evidence of its commitment to quality. She also highlighted the success of the company’s offline channel, which contributes 10% of its revenue and operates with minimal receivable days. “Our distributors across India typically work on an advance payment model, which helps maintain a healthy working capital cycle,” she explained.
While Foxtale is not yet profitable, it has seen impressive growth, with a 150% increase in revenue for FY25, reaching Rs 300 crore. A significant portion of its sales—50%—comes from its own platform, while 40% is generated through various online channels, including e-commerce and quick commerce. The remaining 10% is from its offline reach.
With strong backing from KOSÉ and a clear growth strategy in place, Foxtale is poised to make significant headway in India’s dynamic skincare market.
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