HomeBusiness NewsStartup NewsFoxtale secures $18 million Series B funding, plans to expands product portfolio beyond skincare
Foxtale secures $18 million Series B funding, plans to expands product portfolio beyond skincare
Romita Mazumdar, the founder of Foxtale, in an interview with CNBC-TV18 shared that the newly acquired funds will be instrumental in enhancing Foxtale's digital presence and diversifying its product offerings.
Foxtale, a direct-to-consumer (D2C) skincare brand, has successfully raised $18 million in a Series B funding round. Panthera Growth Partners, a Singapore-based firm, spearheaded this investment round, and saw continued support from existing investors Matrix Partners India and Kae Capital.
Romita Mazumdar, the founder of Foxtale, in an interview with CNBC-TV18, shared that the newly acquired funds will be instrumental in enhancing Foxtale's digital presence and diversifying its product offerings.
"In the next couple of months, we are venturing into body care," Mazumdar revealed. "This category is closely related to skincare, as it deals with skin health beyond facial care. We aim to roll out these new products within this fiscal year."
Currently, Foxtale has 18 stock-keeping units (SKUs) in its skincare portfolio, with nearly 10 products experiencing over 20% month-on-month growth.
Mazumdar highlighted the company's financial performance, stating, "Between fiscal years 2023 and 2024, we achieved a tenfold increase in gross revenue, reaching approximately ₹175 crore. We anticipate a 200% revenue growth for the upcoming fiscal year, all while maintaining healthy profit margins. Our growth trajectory has been aligned with profitability, which is a testament to our sustainable business model."
In a separate development, Testsigma, an AI-powered, low-code test automation platform, has raised $8.2 million in a funding round led by MassMutual Ventures. This San Francisco-based startup's innovative approach enables clients to accelerate software releases by up to ten times compared to traditional methods.
Founder and CEO Rukmangada Kandyala highlighted that the funds will be utilised for research and development, particularly in enhancing the platform with generative AI capabilities and in establishing teams in North America and Europe regions.
"We have seen significant traction through our inbound channels, with 80% of our revenue coming from North America and Europe. This funding will allow us to establish teams in these regions and invest heavily in research and development, particularly in enhancing our platform with generative AI capabilities," Kandyala stated.
Kandyala added that the company’s platform reduces the testing time for clients by 90% and costs by 70%, thereby significantly speeding up the time to market.
Moreover, Chaitanya Ramalingegowda, director and Co-Founder of Wakefit.co, also shared insights on how the company's AI-powered solutions are set to transform the sleep industry. Leveraging artificial intelligence, Wakefit.co aims to optimise sleep quality and improve overall health outcomes for its users.
Watch the accompanying video for more.
Romita Mazumdar, the founder of Foxtale, in an interview with CNBC-TV18, shared that the newly acquired funds will be instrumental in enhancing Foxtale's digital presence and diversifying its product offerings.
"In the next couple of months, we are venturing into body care," Mazumdar revealed. "This category is closely related to skincare, as it deals with skin health beyond facial care. We aim to roll out these new products within this fiscal year."
Currently, Foxtale has 18 stock-keeping units (SKUs) in its skincare portfolio, with nearly 10 products experiencing over 20% month-on-month growth.
Mazumdar highlighted the company's financial performance, stating, "Between fiscal years 2023 and 2024, we achieved a tenfold increase in gross revenue, reaching approximately ₹175 crore. We anticipate a 200% revenue growth for the upcoming fiscal year, all while maintaining healthy profit margins. Our growth trajectory has been aligned with profitability, which is a testament to our sustainable business model."
In a separate development, Testsigma, an AI-powered, low-code test automation platform, has raised $8.2 million in a funding round led by MassMutual Ventures. This San Francisco-based startup's innovative approach enables clients to accelerate software releases by up to ten times compared to traditional methods.
Founder and CEO Rukmangada Kandyala highlighted that the funds will be utilised for research and development, particularly in enhancing the platform with generative AI capabilities and in establishing teams in North America and Europe regions.
"We have seen significant traction through our inbound channels, with 80% of our revenue coming from North America and Europe. This funding will allow us to establish teams in these regions and invest heavily in research and development, particularly in enhancing our platform with generative AI capabilities," Kandyala stated.
Kandyala added that the company’s platform reduces the testing time for clients by 90% and costs by 70%, thereby significantly speeding up the time to market.
Moreover, Chaitanya Ramalingegowda, director and Co-Founder of Wakefit.co, also shared insights on how the company's AI-powered solutions are set to transform the sleep industry. Leveraging artificial intelligence, Wakefit.co aims to optimise sleep quality and improve overall health outcomes for its users.
Watch the accompanying video for more.
(Edited by : Jomy Jos Pullokaran)
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