Haircare startup Moxie Beauty raises $15 Mn in Series A led by Bessemer
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Moxie Beauty, a haircare startup focused on Indian hair, has raised $15 million in Series A funding led by Bessemer Venture Partners.
Moxie Beauty, a haircare company specializing in products for Indian hair types and climates, has successfully closed a $15 million Series A funding round. Bessemer Venture Partners led the investment.
Existing investor Fireside Ventures also participated in the round, along with angel investors Navin Parwal, Sangeet Agarwal, and Arjun Purkayastha. The company's valuation was not disclosed.
Previously, in July of the prior year, Moxie Beauty, based in Gurugram, secured Rs 17.3 crore (approximately $2.1 million) in a funding round spearheaded by Fireside Ventures. Before that, in April 2023, the company raised $669,000 in seed funding with participation from Amplify Partners and OTP Venture Partners, among others.
The company plans to use the newly acquired funds to expand its research and product development efforts, scale distribution channels, and recruit talent across crucial departments. Moxie Beauty is currently developing new product formulations and formats, with a particular emphasis on styling and scalp health solutions.
Founded in 2023 by Nikita Khanna and Anmol Ahlawat, Moxie Beauty offers a range of haircare products specifically formulated for Indian hair textures and environmental conditions. Currently, its portfolio includes 19 products, including shampoos, conditioners, styling products, and scalp treatments. These products are available on online platforms such as Amazon and Nykaa.
Moxie Beauty reports that it has surpassed Rs 100 crore in annual recurring revenue within two years of its launch. The company also claims a fourfold increase in monthly revenue over the past year. Several of Moxie's products are reportedly top-selling items in their respective categories on major online marketplaces, and the company boasts a customer retention rate exceeding 40%.
Moxie Beauty sources some of its raw materials internationally and develops its product formulations internally. The company positions certain products as first-of-their-kind offerings within the Indian market.
