Lightspeed is backing EkAnek’s Foxy after nearly four years with an investment of Rs 21.6 crore

Funding Alert

Foxy, an online store specializing in beauty, grooming and cosmetic products, has raised Rs 21.6 million ($2.6 million) from an existing investor. Lightspeed India Partners. This is the first investment round for the Delhi-based company since September 2020.

EkAnek, the parent company of Foxy, has approved a special resolution to issue 31,638 preference shares at an issue price of Rs 6,827.24 apiece, according to regulatory filings with the Register of Companies (RoC). The Company plans to use the funds for expansion, growth and general corporate purposes as determined by its Board of Directors. The current round appears to be underway, with Foxy likely to raise additional capital in the coming weeks.

In addition, Foxy increased its Employee Stock Option Plan (ESOP) pool by 7,520 options, bringing the total pool from 22,137 to 28,627 options. The expanded ESOP fund is worth around Rs 20 crore ($2.4 million). After the investment, the company’s valuation is around Rs 190 crore ($23 million).

To date, EkAnek has raised $21 million, including $5.4 million in an expanded Series A round led by Alpha Wave and AWI in September 2020. Lightspeed India Partners remains the largest external investor with a 22.4% stake, followed by Peak XV, Alpha Wave, and Matrix Partners.

Foxy is renowned for its diverse market offering a range of beauty, grooming and cosmetics products with major brands such as Mamaearth, Aqualogica, TheDerma, Garnier and B Blunt. According to a Mint report, Foxy is now shifting its focus to providing consulting services, including skin care consulting, with Peak XV expected to invest an additional $10 million in an upcoming round.

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In terms of financial performance, Foxy’s revenue from operations grew 3.8 times to Rs 36 crore for the fiscal year ending March 2023, though the company posted losses of Rs 28 crore for the same period. Financial statements for fiscal year 24 have not yet been submitted.

Foxy’s competitive landscape has seen significant changes, in July 2021 YouTube purchased the first competitor SimSim before shutting down in March 2023. Another competitor, BulBul, has merged with The Good Glamm Group.

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