When Rajat Agarwal, managing director at Z47, first met Romita Mazumdar as a potential investor in her company, what struck him most wasn’t just her business plan but also her clarity. “She had a clear thesis: Each product should be a hero product, and the focus should be on solving a real consumer problem with effectiveness and consistency,” says Agarwal, who immediately decided to participate in a Series B round the company was raising and has since also been part of the company’s Series C round earlier this year. For him, Foxtale’s level of customer-centric thinking was rare. Agarwal recalls being impressed by how Mazumdar wasn’t chasing vanity metrics or short-term traction. Instead, she was focussed on listening to customers, refining formulations and building trust before scale.
It was this clarity and a simple question: ‘What is it that women find missing in their skincare products?’ that led Mazumdar to launch Foxtale in 2021. “There weren’t skincare products that were quick to solve people’s problems, were affordable, and those that could be used consistently,” Mazumdar had told Forbes India in a previous interview.
Mazumdar, who has a background in investment banking and venture capital, saw a gap and decided to create a brand that offered products that were not only effective and accessible but also encouraged long-term use. Foxtale, she adds, was born from the ‘tales’ of thousands of women she spoke with during her research phase.
What began as a lineup of four products has now evolved into a full-fledged direct-to-consumer skincare brand suited to Indian skin with almost 30 products that range from clay masks and serums to eye creams, oil-balancing moisturisers and face washes.
In a market saturated with beauty brands, Foxtale in just four years has raised a total of $56 million in funding. Backers include Z47, Panthera and Stride Ventures, among others. Earlier this year, the company closed a $30 million Series C round, which saw participation from Japan’s Kose Corporation alongside Indian investors. The company recently found a place in Forbes Asia’s annual 100-To-Watch list, and was the only beauty and personal care brand from India on the list. Mazumdar has also been a part of Forbes India’s Under 30 list in 2023.
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Mazumdar says, “My vision is to grow Foxtale into a ₹1,000 crore company, up from the current ₹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 focus on D2C through its website.
Foxtale has served over 15 lakh customers through its website and various ecommerce and quick commerce platforms. About 50 percent of its revenue comes directly from its own website, and the focus, she says, remains firmly on product development and digital growth, investing in research and development, and getting the marketing right, rather than opening physical retail stores. “I think you can do right for the consumer by giving out the right product, not just by opening certain stores,” she says, adding that Foxtale’s growth is largely driven by repeat customers, high-quality products and word of mouth.
For now, it also plans to focus on expansion only in India. “Honestly, we built for India. That’s our consumer research. I think if you can penetrate India, that is the highest value creation. So, for us, our strength lies in knowing India and building for India,” adds Mazumdar.
To this end, Mazumdar plans to leverage Japanese multinational skincare company Kose Corp’s expertise in formulation and product development, and further invest in R&D to develop advanced technologies that address the unique needs of Indian skin types.
While Foxtale primarily focuses on skincare, it recently also ventured into the body care category, which has been profitable. “We do have plans to expand into a few more categories in the coming years,” says Mazumdar.
In a sector where brands launch multiple products quickly, Foxtale is going slow and steady. Agarwal points out that many beauty brands often flood the market with new launches in a bid to chase growth. “Foxtale, by contrast, invests the time to ensure that every product is positioned uniquely. This creates both consumer trust and long-term stickiness.” What differentiates Foxtale, he says, is its ability to scale quickly without compromising on discipline. “It’s a rare balance: Speed with discipline. That’s what really sets it apart.”
First Published: Oct 24, 2025, 15:16
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