From studying consumer behaviour to building a ₹200-crore-plus business, Foxtale’s journey reflects how product understanding, customer retention and disciplined category expansion can shape a new-age beauty brand.
India’s skincare market has never lacked brands. Walk into a beauty store or browse an online marketplace, and consumers are presented with an extensive range of products promising everything from hydration and acne control to pigmentation correction and skin protection.
For a new brand entering this market, standing out requires more than an attractive package or a popular ingredient. It needs a reason for consumers to switch, try the product and, more importantly, buy it again.
That was the opportunity Romita Mazumdar identified before founding Foxtale in 2021.
Unlike many entrepreneurs who enter consumer businesses after identifying a product trend, Mazumdar approached skincare with a combination of investment experience and consumer research. Her earlier work in investment banking and venture capital had given her exposure to growing businesses, their operating models and the challenges involved in building scalable consumer companies.
When she decided to become an entrepreneur, skincare emerged as a category with considerable potential. But the opportunity was not simply about entering a growing beauty market. It was about addressing a consumer problem that existing products were not solving well enough.
Today, Mumbai-based Foxtale has developed into a multi-channel skincare business with a growing product portfolio, significant institutional backing and an expanding presence across India’s beauty retail ecosystem.
Its journey offers an interesting look at how a consumer brand can build its proposition around product performance rather than relying entirely on marketing.
Finding the gap before building the brand
Mazumdar’s initial research into skincare involved conversations with both consumers and industry participants.
In an interview with Free Press Journal in July 2023, she discussed speaking with 108 brands and interviewing 1,937 women across 10 Indian cities. The objective was to understand what consumers actually wanted from skincare products and where existing offerings were falling short.
One observation stood out: consumers were not necessarily looking for another ingredient-led product. They wanted products that were safe, effective and capable of delivering noticeable results.
This became the foundation of Foxtale’s product philosophy.
The distinction was important in a category where ingredient awareness was growing rapidly. Consumers were becoming familiar with ingredients such as niacinamide, vitamin C and hyaluronic acid, but understanding ingredients did not always translate into finding products that worked well for their individual needs.
Foxtale entered the market with an emphasis on efficacy, formulation and accessible pricing within the premium-mass segment.
The idea was to develop skincare products that consumers could incorporate into their regular routines without making the category unnecessarily complicated.
It also influenced the company’s approach to product development. Rather than building an extensive portfolio immediately, the brand initially concentrated on a smaller range of products addressing everyday skincare requirements.
The early focus was on getting the products right before expanding the catalogue.
Building a product-led skincare business
For Foxtale, product development became one of the central parts of its business strategy.
The company brought experienced formulation expertise into its research and development process, including Dr. Ramesh Surianarayanan, who had previously worked with Unilever and Himalaya.
The focus was on understanding different skin concerns and developing formulations around them.
The initial portfolio included cleansers, moisturisers, serums and other face-care products. These categories addressed different parts of a consumer’s skincare routine, allowing the brand to build a relationship with customers beyond a single purchase.
This was also a commercial decision.
A skincare business that depends heavily on occasional purchases can face difficulties maintaining customer relationships. Everyday products such as cleansers and moisturisers offer more regular consumption opportunities.
In a February 2025 interview with Indian Retailer, Mazumdar highlighted the importance of building a business around repeat customers and sustainable unit economics.
She reported that approximately 50% of Foxtale’s revenue came from repeat customers at the time.
That figure offers an important perspective on the company’s strategy. Customer acquisition may help a brand enter the market, but repeat purchases indicate whether consumers find enough value to return.
For a business operating in a competitive category, retention can become an important part of long-term economics.
Foxtale’s early strategy was therefore not limited to acquiring customers through digital marketing. It was also about creating products that could become part of their regular routines.
Scaling beyond a direct-to-consumer brand
Foxtale entered the market during a period when digital commerce was changing how Indian consumers discovered and purchased beauty products.
The direct-to-consumer model gave emerging brands an opportunity to build relationships with customers without depending entirely on traditional retail distribution.
Foxtale initially benefited from this environment, using its website, digital advertising and online marketplaces to reach consumers.
However, the company did not remain restricted to its own online platform.
By June 2024, founder Romita Mazumdar told The Economic Times that approximately 50% of revenue came from the company’s website, 40% from online marketplaces and 10% from offline general trade.
The distribution strategy reflected an important shift in the business. As the brand grew, reaching consumers across multiple purchasing channels became increasingly important.
The expansion also included partnerships with marketplaces and offline retail networks.
Quick commerce subsequently became another distribution opportunity. By January 2025, Mazumdar reported six-to-sevenfold growth in the channel over the preceding six months.
However, she also pointed out that quick commerce was more suitable for products with established customer demand. New product discovery and building credibility continued to depend on other channels.
This distinction is commercially relevant. Convenience can encourage repeat purchases, but it does not automatically create demand for an unfamiliar product.
For Foxtale, different distribution channels serve different stages of the customer journey.
The financial trajectory: Growth and the cost of scaling
Foxtale’s growth attracted institutional investors relatively early in its journey.
In June 2024, the company raised $18 million in a funding round led by Singapore-based Panthera Growth Partners, with participation from existing investors Matrix Partners India and Kae Capital.
The following January, Foxtale secured another $30 million in a Series C round led by Japanese beauty company KOSÉ Corporation. Existing investors also participated.
The investment was accompanied by a strategic partnership between the two companies, bringing together KOSÉ’s experience in product development and formulation with Foxtale’s understanding of Indian consumers and its digital-first business model.
The partnership was particularly significant because it extended beyond financial investment. KOSÉ identified India as an important market and saw an opportunity to combine its product development capabilities with Foxtale’s local market understanding.
The company’s financial performance also illustrates the pace at which it expanded.
According to FY2025 financial information reported by Inc42 Datalabs in January 2026, Foxtale recorded operating revenue of ₹198.7 crore in FY2025, compared with ₹83.2 crore in FY2024. Its total revenue, including other income, reached ₹206.2 crore.
However, growth came with higher expenditure.
The company reported a net loss of ₹72.7 crore in FY2025, compared with ₹54.8 crore in FY2024. Advertising and sales promotion expenses increased to ₹105.8 crore during FY2025.
These numbers provide a more complete picture of the business than revenue growth alone.
Building a consumer brand requires investment in customer acquisition, distribution, inventory, product development and operations. As a business expands, maintaining a balance between growth and profitability becomes increasingly important.
Foxtale’s financial trajectory demonstrates both the commercial traction it has achieved and the costs associated with scaling in a competitive consumer category.
A changing skincare market creates new opportunities
The broader market provides further context for Foxtale’s expansion.
According to Euromonitor International’s May 2026 India skincare report, the category recorded 13% value growth in 2025, reaching retail sales of ₹32,210 crore.
The market is also becoming more competitive. Established beauty companies continue to hold significant positions, while digital-first brands are attracting consumers through ingredient-led products, specialised formulations and stronger online engagement.
The competitive landscape includes brands such as Minimalist, Plum, Dot & Key, Pilgrim and The Derma Co, alongside established beauty and personal-care companies.
For Foxtale, competing in this environment requires maintaining a clear product proposition while expanding its reach.
One important development has been the company’s move beyond face care.
In 2024, Foxtale entered body care, introducing products such as body washes and lotions. The expansion gave the company an opportunity to increase its presence within consumers’ everyday personal-care routines.
By January 2025, Mazumdar told The Economic Times that body care had reached a reported revenue run rate of ₹40 crore.
The broader strategy was to build a larger beauty and personal-care business rather than remain dependent on a narrow set of skincare products.
The challenge, however, is to ensure that category expansion does not dilute the brand’s original proposition.
Consumers may be willing to try a new category because they already trust a brand, but maintaining that trust requires consistent product quality and relevance.
The next phase: Building beyond the initial proposition
Foxtale’s relationship with KOSÉ represents another dimension of its long-term ambitions.
For KOSÉ, the partnership provides access to a company with a strong understanding of India’s digital-first beauty market. For Foxtale, it creates an opportunity to draw on international product development expertise and potentially strengthen its capabilities as it expands.
The partnership also reflects a wider shift in the consumer industry, where established international companies are increasingly exploring collaborations with locally developed brands to understand emerging markets.
Foxtale’s next challenge is to translate its existing customer base and distribution reach into a more durable business.
The opportunity is substantial, but the market is not without pressure. New skincare brands continue to enter, consumer preferences evolve quickly and customer acquisition can become expensive as competition increases.
In this environment, repeat purchases, product differentiation and distribution economics will matter as much as brand visibility.
For Mazumdar, the original idea behind Foxtale was rooted in understanding what consumers actually wanted from skincare. That starting point continues to offer a useful lens through which to view the company’s expansion.
The business has moved from a relatively focused skincare proposition to a broader consumer brand with institutional investment, multiple distribution channels and an international strategic partner.
The next phase will be less about proving that consumers are interested in new skincare brands and more about establishing how consistently Foxtale can retain them.
In a category where new products and trends appear constantly, the ability to earn another purchase may ultimately be more valuable than winning the first one.
