Foxy Beauty Ecommerce Platform Secures Funding for Growth and Strategic Shift

EkAnek, the parent company of Indian beauty ecommerce platform Foxy, has raised ₹21.6 Crore ($2.5 Million) in a funding round led by existing investor Lightspeed India.

Key Points:

· The funds will be used to accelerate Foxy's growth, expand its footprint, and support general corporate purposes.

· This funding comes alongside a strategic shift for Foxy, focusing on offering beauty and skincare consultation services in addition to its existing ecommerce platform.

· The company plans to expand its employee stock option pool (ESOP) to incentivize staff.

· The beauty ecommerce space in India is witnessing increased competition, with established players and conglomerates entering the market.

· Despite rising competition, the online beauty shopper base in India is expected to grow significantly, presenting a promising opportunity for Foxy.

Foxy's Financial Performance:

· The company reportedly achieved a 3.8x year-on-year growth in operating revenue for FY2022-23, reaching ₹36 Crore.

· Losses also increased by 8% to ₹28 Crore compared to the previous year.

Overall, this funding round positions Foxy to capitalize on the growing Indian online beauty market while it implements its strategic shift towards offering consultation services.