Moxie Beauty Raises $2.1 Million in Seed Funding

D2C haircare brand Moxie Beauty has raised $2.1 million in a seed funding round led by Fireside Ventures. This round also saw participation from prominent angel investors, including Unilever’s former CMO Samir Singh, Reckitt’s managing director Arjun Purkayastha, and Mokobara’s founder Sangeet Agrawal.

Moxie Beauty plans to use the fresh funds for product innovation, research, expanding distribution channels, and onboarding new talent. This strategic allocation aims to strengthen the brand’s market presence and cater to the specific needs of Indian hair textures.

Founded in November 2023 by Nikita Khanna and Anmol Ahlawat, Moxie Beauty focuses on creating salon-quality haircare products tailored for Indian hair. Khanna, a former McKinsey consultant, and Ahlawat, a retired general manager at Paytm, leverage their expertise to drive the brand’s growth. The product range includes shampoos, conditioners, leave-in treatments, and styling products designed to combat dryness and frizz.

Moxie in Industry Context

This funding comes when customized haircare solutions for Indian consumers are gaining significant traction. In March, haircare brand Fix My Curls secured seed funding from Amazon’s Smbhav Venture Fund. Additionally, in April, hair-loss solutions startup Traya raised ₹75 crore (around $9 million) from Xponentia Capital.

“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 Nikita 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; it is 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.

Market Trends

Post-pandemic, Indian consumers have become more conscious about their skincare and haircare choices, driving demand for D2C brands. Brands like Pilgrim, Ravel Care, Mars by GHC, and Bare Anatomy have flooded marketplaces like Amazon, Flipkart, and Nykaa. According to Statista, the Indian haircare market is projected to generate $3.06 billion in revenue in 2024.

Founded in 2015, Fireside Ventures is a Bengaluru-based venture capital firm with a diverse portfolio of 63 companies, including startups like Traya and Mamaearth. Their investment in Moxie Beauty underscores their commitment to backing innovative consumer brands.

“Moxie’s approach to building products suited for Indians with wavy, frizzy and curly hair is a refreshing innovation in the large and growing hair care and beauty space,” said Fireside Ventures’ cofounder and partner Dipanjan Basu.

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