D2C haircare brand Moxie Beauty has raised ₹17.3 crore ($2.1 million) in funding, led by Fireside Ventures.
The round also saw participation from a group of angel investors, including Samir Singh (Ex Unilever CMO Personal Care, Chair Unilever Asia), Arjun Purkayastha (Regional CEO at a top MNC), Suhasini Sampath (Founder, Yoga Bar), Navin Parwal and Sangeet Agrawal (Founders, Mokobara).
The funds from this round will be strategically allocated towards product innovation and research, hiring talent, and expanding distribution channels.
Founded in November 2023 by founders Nikita Khanna and Anmol Ahlawat, Moxie Beauty makes salon-quality hair care products that are tailored for Indian hair textures. Besides essentials like shampoo and conditioner, their range includes leave-in products and styling products that help tackle dryness and frizz.
“India is not on the R&D roadmap for most global brands - they don’t formulate their products for Indian hair types, weather or habits, which are very different from Western ones,” said Khanna. “For so long we have been taught to see our hair as ‘unruly’ and ‘unmanageable’ – but there is no such thing as bad hair, only unsuitable routines that were not made for us. Moxie’s mission is to empower people with the right products, tools and knowledge to care for and feel confident in their natural hair texture,” she added.
“We are very excited to partner with Moxie Beauty. It ties in well with our fund thesis of investing in purposeful brands that are innovating for the new Indian consumer. Moxie’s approach to building products suited for Indians who have wavy, frizzy and curly hair is a refreshing innovation in the large and growing hair care and beauty space,” said Dipanjan Basu, Co-Founder and Partner at Fireside Ventures.
Recently, hair-loss solutions startup Traya has raised Rs 75 crore in equity funding from Mumbai-based private equity fund Xponentia Capital.
A number of consumer brands, especially in the early stages, have been able to raise funding recently. Last month, skincare firm Foxtale Consumer raised about $14 million.