The funding will be used by Foxtale to deepen footprint in existing markets and strengthen R&D capabilities
Mumbai: Skincare brand Foxtale on Wednesday announced a $30 million (about Rs 260 crore) fundraising from Japan’s KOSE Corporation and existing investors Panthera Growth Partners, Z47, and Kae Capital.
The deal will also see a the 2021-founded Foxtale entering into a strategic tie-up with KOSE, under which the Japan’s cosmetic manufacturer will expand presence in India, as per an official statement.
The partnership will leverage the Indian partner’s expertise in D2C (direct to consumer) strategies and understanding of the Indian beauty market, along with the Japanese company’s experience in the global market, it said.
The funding will be used by Foxtale to deepen footprint in existing markets and strengthen R&D capabilities, the statement added.
It said Foxtale uses science and technology to create innovative and safe formulas that cater to the changing emotional and lifestyle needs of Indian women in the USD 1 billion skincare market.
Partnering with the Japanese company will help the Indian firm in its research and development activities, the statement said, adding that KOSE’s advanced technological capabilities will be fused with Foxtale’s understanding of Indian skin.
“This funding by KOSE Corporation will enable us to scale faster, innovate deeper, and bring effective and accessible skincare to even more people across India,” Foxtale’s founder Romita Mazumdar said.
KOSE’s president and chief executive Kazutoshi Kobayashi said the brand has been present in the country for nearly ten years and added that there are many commonalities between the two partners, including customer centricity and willingness to invest in human resources.
The statement said Foxtale is set to close 150 per cent growth in FY25, and aims to achieve profitability by FY26.
