Foxtale, a Mumbai-based D2C skincare brand, achieved significant growth in FY24, with revenue surging sixfold to 83 crore from 14 crore in FY23, as per its financial filings with the Registrar of Companies. Established in 2021 by Romita Mazumdar, Foxtale offers affordable skincare products tailored to Indian skin, addressing issues such as acne, aging, and hyperpigmentation. Its products are sold on its website and platforms like Nykaa, Amazon, Blinkit, Flipkart, and Myntra.  

In FY24, the company relied solely on the sale of skin and beauty products for its revenue. However, its aggressive growth strategy came at a cost. Advertising and promotional expenses soared to 50 crore, accounting for 36% of total costs, marking a 3.8x increase from the previous year. Procurement costs also grew nearly sixfold to 35 crore. Employee benefit expenses, including salaries, provident fund contributions, gratuity, and ESOPs, rose to 20 crore, a 2.8x increase. Additional expenditures on delivery, legal, outsourcing, and other overheads pushed total expenses to 139 crore, up from 33 crore in FY23.  

As a result, Foxtale's losses climbed by 189% to 55 crore in FY24, compared to 19 crore in FY23. The company spent 1.67 to generate 1 of operating revenue. Despite these losses, it maintained 69 crore in current assets, including 44 crore in cash and bank balances, by the end of FY24.  

Foxtale's substantial investments in scaling its operations reflect its commitment to growth, but rising costs underscore the challenges of expanding in the competitive D2C skincare market.