Funding News: Asaya , Chosen , Foxtale & More

Funding News: Asaya , Chosen , Foxtale & More
  • Skincare start-up Asaya said it has raised Rs 12 crore in seed funding led by OTP Ventures and Huddle Ventures, with additional investments from Eternal Capital.The fresh funds will be utilised towards research and development of more products that cater to melanin-specific needs, besides enhancing market reach, the company said in a statement. “This funding will help us go from 20,000 to over 2,50,000 consumers in the next 12 months. We plan to significantly enhance our communication efforts and service capabilities to provide faster and more informed service to our rapidly growing customer base,” Asaya Co-founder Neeraj Biyani said. Along with retailing through its website, the brand also has a presence on other marketplaces including Nykaa, Amazon , Flipkart & Myntraa. “At present 40 per cent of our revenue comes from our website and the remaining from marketplaces.The company plans to get into offline retail in a year and half.
  • Chennai-based skincare startup CHOSEN has raised $1.2 million in its seed round from friends and family. This funding follows an equity-free grant of $100,000 from Peak XV Partners as part of the SPARK program for women entrepreneurs. The proceeds will be used to to grow its headcount and enhance its supply chain capabilities. Founded by cosmetic dermatologist Dr. Renita Rajan, CHOSEN focuses on developing innovative skincare products through patents and technology formulations while expanding into IoT-led skincare solutions. Earlier this year, CHOSEN was featured in Peak XV’s cohort of women-led startups, with the $100,000 grant. Over the past four years, CHOSEN claims to have developed a multi-channel ecosystem of highly active cosmetic products tailored for Indian skin types. It currently offers 34 SKUs, with 12 more in the pipeline and additional products slated for launch within the next 18 months. CHOSEN projects a two-fold increase in its scale this fiscal year.
  • Ananta Capital announced the acquisition of a 55% stake in Anveya Living, a company known for its skincare and haircare solutions. The deal, for an undisclosed amount, includes D2C brands such as Anveya, Curlvana, and ThriveCo. This acquisition was executed through Ananta Capital’s beauty and personal care-focused arm, Guardian Group, and involved both primary and secondary transactions. The infusion of fresh capital will be directed towards the development of new products in the hair and skincare categories and for global expansion.With this transaction, Anveya brands will integrate with Guardian’s portfolio of beauty and wellness brands, increasing operational leverage and granting Anveya access to Guardian’s extensive distribution network. This network spans both online and offline channels, domestically and internationally. Ananta Capital, based in Mumbai, has a history of significant investments in the beauty and personal care sector, with brands like Bellavita, Bevzilla, and BetterAlt under its Guardian Group. The group also holds the India master franchise for GNC, a global nutritional supplement brand, and operates Guardian Pharmacy.
  • Foxtale, the direct-to-consumer (D2C) skincare brand, has announced raising $18 million (approximately Rs 150 crore) in its Series B funding round. This round was led by Singapore-based Panthera Growth Partners, marking a significant milestone for the Mumbai-based startup after a funding gap of two years.The round also saw participation from existing investors Matrix Partners India and Kae Capital. IndigoEdge served as the financial advisor to Foxtale during this transaction, according to the company’s press release. According to startup intelligence platform TheKredible, Foxtale was valued at around Rs 790 crore, or $96 million, post-allotment of the first tranche. With this latest round, Foxtale has raised over $22 million to date. Previously, it secured $4 million in a pre-Series A round from Matrix Partners and Kae Capital in June 2022, and seed funding in August 2021. Founded by Romita Mazumdar in 2021, Foxtale specializes in affordable skincare products tailored to Indian skin types, addressing issues like acne, aging, and hyperpigmentation. The brand’s products are available on its website and other major marketplaces including Nykaa, Amazon, Blinkit, Flipkart, and Myntra. Foxtale’s growth has been impressive. In FY23, the company’s revenue skyrocketed to Rs 13.8 crore from Rs 20 lakh in FY22. However, its losses also increased, reaching Rs 18.59 crore in FY23 compared to Rs 2.48 crore in FY22. Despite the challenges, Foxtale closed FY24 with Rs 172 crore in GMV sales, primarily driven by its website, which boasts a retention rate of over 50%. Based on its substantial growth over the past fiscal year, Foxtale is aiming to achieve profitability by FY25

 

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