Gurugram-based D2C haircare brand Moxie Beauty has raised Rs 173 crore in a seed funding round led by Fireside Ventures.
The round also saw participation from angel investors including Samir Singh (former CMO, Unilever Personal Care and Chairman, Unilever Asia), Arjun Purkayastha (Regional CEO of a leading multinational company), Suhasini Sampath (Founder, Yoga Bar), Navin Palwal and Sangeet Agrawal (Founders, Mokobara).
The funds raised in this round will be strategically allocated towards product innovation and research, talent hiring, and expanding distribution channels.
“We have now diluted 20% stake to raise Rs 160 crore from Fireside Ventures, taking our post-fund valuation to Rs 800 crore,” said Nikita Khanna, co-founder, Moxie Beauty.
Launched in November 2023 by founders Nikita Khanna and Anmol Ahlawat with an initial investment of Rs 3 million, Moxie Beauty manufactures salon-quality hair care products tailored to Indian hair types. Apart from essentials like shampoo and conditioner, the range also includes leave-in products and styling products to tame dryness and frizz.
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“Moxy’s approach to developing products suited to Indians with wavy, kinky and curly hair is a refreshing innovation in the large and growing hair care and beauty sector,” said Dipanjan Basu, co-founder and partner at Fireside Ventures.
Currently, the brand offers eight products and plans to launch six more by the end of this financial year.
Currently, the brand sells on its D2C website and Amazon, and will launch on Nykaa and Blinkit in August. Apart from this, the brand has also partnered with a few Mumbai-based salons.
“More than 70 percent of our sales come through the website, with a repeat business rate of 40 percent,” she said.
The brand has raised Rs 5.5 crore in its first round of funding from angel investors and is targeting monthly sales of Rs 3.5 crore by the end of this financial year.
Published on July 29, 2024 1:39 PM IST
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