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Matrix and Blume invest in D2C fashion brand Freakins

EntrackrEntrackr · 3m ago
Matrix and Blume invest in D2C fashion brand Freakins
Medial

Exclusive: Matrix and Blume invest in D2C fashion brand Freakins Gen Z-focused direct-to-consumer brand Freakins is raising Rs 25 crore (approximately $3 million) in its Series A round from existing investors Matrix Partners India and Blume Ventures. The board at Freakins passed a special resolution to issue 34,936 Series A1 compulsory convertible preference shares at an issue price of Rs 7,156 to raise Rs 25 crore or $3 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. The D2C brand intends to utilize the proceeds to fund its business expansion and growth, according to regulatory filings. Entrackr estimates that Freakins’ post-money valuation has surged 2.3X to Rs 230 crore ($27 million), up from Rs 102 crore in its previous seed round. This could be part of a larger funding round, with the company potentially raising more capital during this round. Founded by Puneet Sehgal and Shaan Shah, Freakins is a D2C fashion brand specializing in trendy denim apparel for men and women, including jeans, skirts, tops, jackets, cargo, and shirts. The brand leverages influencer marketing, celebrity collaborations, and social media engagement to drive sales. Freakins claims to have over 35 categories and all styles are designed and manufactured in-house, and products are sold through direct-to-consumer channels and marketplaces. According to TheKredible, Freakins had raised $4.9 million before this round, including a $4 million seed round in July 2023. Post-allotment, Matrix Partners and Blume Ventures will each hold a 17.34% stake in the company. The Mumbai-based company has not yet disclosed its financials for FY24. In its first year of operations (FY23), it reported a revenue of Rs 70.6 lakh and a loss of Rs 15.43 lakh.

Decoding Foxtale’s Series C funding round, latest valuation and captable

EntrackrEntrackr · 3m ago
Decoding Foxtale’s Series C funding round, latest valuation and captable
Medial

Foxtale, a direct-to-consumer (D2C) skincare brand, recently raised Rs 250 crore (approximately $30 million) in its Series C funding round, led by Japanese beauty products company Kose Corporation with the participation of existing investors—Z47 (formerly Matrix Partners India), Kae Capital, and Panthera Growth Partners. Entrackr has gone through its regulatory filings to decode details such as round break-up, shareholding, and current valuation. The board at Foxtale has issued 20 equity shares and 18,847 Series C compulsory convertible preference shares at an issue price of 1,32,237 each to raise Rs 250 crore or $30 million. Kose Corporation led the round with an investment of Rs 153 crore (approximately $18 million), followed by Z47 (formerly Matrix Partners India), which contributed Rs 45.95 crore (around $5.4 million). Panthera Growth Partners and Kae Capital, through the Kael Opportunities Fund, pumped in Rs 29.5 crore ($3.5 million) and Rs 21 crore ($2.5 million), respectively. According to Fintrackr’s estimates, the company’s post-money valuation has surged to Rs 1,530 crore (approximately $180 million), nearly doubling from its previous valuation of Rs 795 crore (around $93.5 million). Following the fresh allotment of the Series C round, Z47 (formerly Matrix Partners India) remains the largest external shareholder with a 19.64% stake, followed by Kae Capital at 17.35% and Panthera Growth Partners at 12.62%. New investor Kose Corporation now holds a 10% stake in the company. Founder and CEO of the company, Romita Mazumdar holds a 34.38% stake. Founded in 2021, Foxtale is an affordable skincare brand that develops products specifically formulated for Indian skin types, targeting issues such as acne, aging, and hyperpigmentation. Its products are available on the brand’s official website as well as popular marketplaces including Nykaa, Amazon, Blinkit, Flipkart, and Myntra. For the fiscal year ending FY24, the Mumbai-based D2C brand recorded a nearly six-fold increase in operating revenue to Rs 83 crore from Rs 14 crore in FY23. However, the company also reported a loss of Rs 55 crore during FY24.

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