Romita Mazumdar, Founder, Foxtale
Image: Neha Mithbawkar for Forbes India
On Wednesday, skincare brand Foxtale announced that it has raised $30 million (approximately Rs250 crore) in its Series C funding round. This round saw participation from Japanese cosmetics and skincare manufacturer KOSÉ Corporation, along with Panthera Growth Partners, Z47, and Kae Capital. The company has also forged a strategic partnership with KOSÉ Corporation to enhance the global beauty leader’s footprint in India.
Founded in 2021 by Romita Mazumdar, Foxtale uses modern science and technology to create innovative skincare products. Along with KOSÉ Corporation, Foxtale will look to expand and elevate R&D process for further innovation, focus on quality and enhance product efficacy and elevate self-care experiences.
“This funding by KOSÉ Corporation will enable us to scale faster, innovate deeper, and bring effective and accessible skincare to even more people across India. Beyond growth, this partnership also marks a step towards fostering stronger global relations, blending international expertise with local insights,” says Mazumdar.
The funds from the fresh fund raise will be directed towards deepening its footprint in existing markets and strengthening its R&D capabilities to drive continuous product innovation in efficacious skincare formulations. However, Foxtale is planning to focus on Indian expansion and not look at global markets, at present.
Mazumdar says, “My vision is to grow Foxtale into a Rs1,000 crore company, up from the current Rs 300 crore plus in gross revenue.” The company claims to have achieved 150 percent growth in FY25, more than doubling last year’s revenue, driven by its strong focus on D2C through its website. In conversation with Forbes India, Mazumdar talks about how the partnership with KOSÉ Corporation came about, growth drivers for Foxtale, expansion plans and more. Edited excerpts:
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Q. How did the strategic partnership with KOSÉ Corporation come about?
We’ve been in discussions for a few months now, and I couldn’t be more thrilled about this partnership apart from our Series C Funding. For me, research and development have always been the foundation of what Foxtale stands for—efficacy and high-quality products.
KOSÉ Corporation has been in the beauty industry for nearly 80 years, and their brands and products are globally recognized as some of the best. I had the privilege of visiting their R&D lab, and it was nothing short of extraordinary. It’s one of the best in the world, equipped with cutting-edge technology and driven by a relentless pursuit of innovation.
This partnership is a significant step forward for both of us—while KOSÉ brings unparalleled expertise and technological advancements, Foxtale contributes a deep understanding of the Indian market and its unique skincare needs. Together, we aim to not only create innovative, high-quality products for Indian consumers but also play a key role in building KOSÉ’s presence in India.
Q. What have been some key growth drivers for Foxtale in the last couple of years?
First, high-quality products. We spend a year in R&D before launching any product, which allows us to cater specifically to the needs of Indian consumers. All four products we initially launched continue to be our best-sellers and have a repeat of 70%+ for each product.
Second, in any consumer-focused company, business execution plays a crucial role. While product quality is our strength, our team is our key differentiator. We have a team that operates with rigor, focus, and ownership.
Q. What are you hoping to learn from your partners, KOSÉ?
Through this partnership, we’re looking to deepen our understanding of advanced skincare formulations and cutting-edge R&D practices. KOSÉ’s expertise in innovation and their approach to creating globally acclaimed products are invaluable. Additionally, their experience in scaling high-quality skincare brands internationally will help us refine our strategies as we continue to bring world-class skincare solutions to the Indian market.
Q. What are your expansion plans with this latest round of fund raise?
With this latest round of funding, we plan to invest heavily in R&D to develop advanced technologies that address the unique needs of Indian skin types. While we primarily focus on skincare, we recently ventured into the body care category, which has been extremely profitable. We do have plans to expand into a few more categories in the coming years.
