D2C haircare brand Moxie Beauty has secured ₹17.3 crore ($2.1 million) in a funding round led by Fireside Ventures. The round also saw participation from a group of notable 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 newly acquired funds will be strategically allocated towards product innovation and research, hiring talent, and expanding distribution channels.
Founded in November 2023 by Nikita Khanna and Anmol Ahlawat, Moxie Beauty focuses on creating salon-quality hair care products tailored specifically for Indian hair textures. Their product range includes essentials such as shampoos and conditioners, as well as leave-in and styling products designed to address common issues like 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.
Dipanjan Basu, Co-Founder and Partner at Fireside Ventures, expressed his enthusiasm for the partnership, stating, “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.”
This funding round highlights a growing trend of investment in consumer brands, particularly in the haircare and beauty sectors. Recently, hair-loss solutions startup Traya raised Rs 75 crore in equity funding from Mumbai-based private equity fund Xponentia Capital. Additionally, last month, skincare firm Foxtale Consumer secured approximately $14 million in funding.
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