Foxtale is a Mumbai skincare brand, started in 2021, that sells serums and sunscreens on its own site and on Nykaa. This audit reads the brand’s 13 product pages as at 1 September 2026, the pack declaration as reproduced on Tata 1mg, its accounts as reported by the press, and the price per millilitre.
Foxtale is an independent, founder-led Mumbai company with KOSÉ of Japan holding 10% and no parent. It makes nothing itself; the pack declaration names Harshvin Kare Products in Chennai, and the brand’s product pages do not name a maker. Every serum percentage sits where the ingredient list says it should. Nykaa was 15–23% cheaper than foxtale.in on 1 September 2026.
Snapshot
- Legal entity
- Foxtale Consumer Private Limited, Andheri West, Mumbai; incorporated 5 May 2021
- Owner
- Founder Romita Mazumdar holds 34.38%; Z47, Kae Capital, Panthera and KOSÉ (10%) hold the rest. Unlisted, no parent
- Who makes it
- Harshvin Kare Products, Chennai, per the pack declaration on four of six products checked; licence number not published
- Core line, selling price
- ₹532 to ₹625 on 30 ml serums; ₹321 to ₹489 on sunscreens, checked 1 September 2026
- Revenue
- ₹199 crore operating revenue and a ₹73 crore loss in FY2025, from filings reported by Entrackr
How it started
Romita Mazumdar left investment banking and venture capital to start Foxtale in 2021; the name comes from the “tales” of women she interviewed about their skincare. The company was incorporated on 5 May 2021. It launched with four products and now sells about 30.
- Pre-Series A, 14 June 2022$4 million led by Matrix Partners India, now Z47, with Kae Capital
- Series B, 12 June 2024$18 million led by Panthera Growth Partners
- Series C, announced 15 January 2025$30 million led by KOSÉ Corporation, which took 10%
- Foxtale Consumer todayValued at ₹1,530 crore; founder holds 34.38%; about $52 million raised
Three rounds and no change of control. KOSÉ’s own release describes a “strategic partnership” and a 10% stake, so Foxtale is neither Japanese nor KOSÉ-owned. Z47 is the current name of Matrix Partners India.
Filings reported by Entrackr and Open The Magazine show FY2025 operating revenue of ₹199 crore and a loss of ₹73 crore; Entrackr reports ₹106 crore of advertising spend and a ₹74 crore materials bill in the same year. Other figures in the press are on different bases: the ₹300–350 crore reported by Outlook Business in January 2025 was a gross run-rate, before discounts and returns; the ₹600 crore reported by Business Today was a projection for a year not then closed; the ₹1,530 crore is a valuation.
What they actually make
Nothing, in a factory of its own. Unlike Campus, which runs its own plants, Foxtale is a marketer. We read 13 product pages on foxtale.in on 1 September 2026. Every one carries a full ingredient list, a net quantity and an MRP. None of them names a manufacturer, an address or a licence number.
Tata 1mg reproduces the pack. Across six Foxtale products there, four name Harshvin Kare Products, Chembarambakkam, Chennai; one carries the same address with a variant spelling of the name; one shows no manufacturer block. Harshvin Kare describes itself as a contract manufacturer of cosmetics and ayurvedic products, GMP-certified by the state. No second factory appears on any product whose declaration we could read.
We can name Foxtale’s manufacturer; its manufacturing licence number is unpublished by the brand and by 1mg alike. Look for it on the carton under “Mfg. Lic. No.”
Then the percentages. Seven of the 13 products name a number on the front, from 12% niacinamide to 0.15% retinol, and none of the seven ingredient lists states a concentration. But ingredients above 1% must be listed in descending order of weight, and on all seven the active sits where the claim would predict: niacinamide second of 18, retinol fifteenth of 33. Skinsort’s and 1mg’s transcriptions match the brand’s Glow Sunscreen list exactly. On that check, the front labels and ingredient lists agree; the pages do not publish concentrations.
All six sunscreen pages carry “In-Vivo Tested” in the title and a PA++++ rating; on the pages read on 1 September 2026, none cites a test report, laboratory, ISO standard or PPD value for the SPF or PA rating. The Glow Sunscreen page describes a consumer panel: “We sent the Glow Sunscreen to 1013 customers for pan-India Lab Trials”, reporting “98.6% matte skin feel”. No oxybenzone or octinoxate appears in any of the six lists, so “100% New-Gen Filters” holds, and nowhere on the pages we read does the brand call itself chemical-free or natural.
On all seven serums that state a percentage, the active sits in the ingredient list where the front label says it should.
What Foxtale costs in India
The brand’s own website charges full MRP on every product we checked; its only discounting comes through bundle offers. On 1 September 2026 Nykaa sold the same products for 15–23% less. As with Metro and Mochi, the printed maximum and the price anyone pays are two different numbers.
| Product, 1 September 2026 | foxtale.in | Nykaa |
|---|---|---|
| Glow Sunscreen SPF 50, 80 ml | ₹545 | ₹447 |
| Ice-Burst Aqua-Gel SPF 50, 80 g | ₹575 | ₹443 |
| Tinted Fluid SPF 50, 50 ml | ₹575 | ₹489 |
| 12% Niacinamide Serum, 30 ml | ₹645 | ₹532 |
Per millilitre, the range splits in two. Four of the six 30 ml serums cost ₹645, which is ₹21.50 per ml, and the other two are within ₹1.70 of it; a 0.15% retinol and a 15% L-ascorbic acid serum cost the same per ml, so the price reflects the bottle, not the active. The 15 ml spot corrector at ₹449 is ₹29.93 per ml, the highest on the shelf. The 80 ml Glow Sunscreen is the opposite story at ₹6.81 per ml, and ₹5.59 on Nykaa.
- Glow Sunscreen 80 ml, MRP on foxtale.in
- ₹545, or ₹6.81 per ml
- Same bottle on Nykaa
- ₹447, or ₹5.59 per ml
- Gap
- 18% cheaper on Nykaa
- Checked on
- 1 September 2026
Who Foxtale is actually for
Someone who wants a named active at a stated percentage, in a modern base, and who buys sunscreen by the 80 ml bottle. What you get for ₹645 is a serum whose front-label percentage matches its ingredient order on every one we read. On the pages read on 1 September 2026, no product states a shelf life or period-after-opening.
Reputation and controversies
No decided judgment, regulator’s order, penalty or concluded settlement stands against Foxtale Consumer Private Limited.
The Advertising Standards Council of India (ASCI) lists decided complaint outcomes for Foxtale as at 2 September 2026. Some concern product claims the brand made itself; others concern influencers who posted without a disclosure label, which is a labelling failure by the poster rather than a finding about the product. Four product-claim outcomes are set out below.
Two complaints were upheld in October 2024, over “Brighter Under Eyes in 10 Days” and the retinol serum’s wrinkle and acne-scar claims. A complaint over the Course Correct retinol serum’s “Prevents 8 signs of ageing”, on Facebook and on the carton, was upheld on 26 September 2025. On 25 May 2026 a complaint over the Niacinamide Clarifying Serum’s “Delete marks and pigmentation in 14 days” was upheld, with the 36-volunteer study behind it found insufficient.
Weigh those outcomes for exactly what they are. Each went to one advertisement as it stood on the date given, not to a form of words the brand may never use again; nobody has ruled on the pages as they read on 1 September 2026; and the council is the advertising industry’s own self-regulatory body, not a statutory regulator with the power to fine or recall.
The Cosmetics Rules, 2020 require a state manufacturing licence and a pack declaration; they do not require a published SPF report or PPD value.
Buying it in India
Foxtale sells through its own site, Amazon, Nykaa, Flipkart, Myntra, quick-commerce apps and Tata 1mg, with about a tenth of sales offline through distributors and no stores. Its own site was the dearest channel on the day we checked; 1mg was discounting only 3%.
Find the active in the ingredient list
Ingredients above 1% run in descending order of weight, so a 12% niacinamide serum should list niacinamide near the top. If the order argues with the front label, the label loses.
Read the manufacturer line on the carton
Foxtale’s product pages do not show it; the pack carries it. Look for the maker’s name, address and licence number; “Marketed by” alone tells you nothing about who made it.
Look for the SPF test details
“In-Vivo Tested” says a test happened. A published report names a standard such as ISO 24444, a laboratory and a measured value.
Divide the price by the millilitres
₹545 for 80 ml is ₹6.81 per ml; ₹349 for 50 ml is ₹6.98. Every Foxtale serum works out near ₹21.50 per ml whatever the active, so compare on that number, not the discount banner.
Common questions
Who owns Foxtale?
Foxtale Consumer Private Limited, an unlisted Mumbai company. Founder Romita Mazumdar holds 34.38%; Z47, Kae Capital and Panthera are venture investors, and KOSÉ of Japan bought 10% in January 2025. Nobody holds a majority.
Who manufactures Foxtale products?
The pack declaration, as reproduced on Tata 1mg, names Harshvin Kare Products of Chennai, a contract manufacturer. Foxtale’s own pages carry no manufacturer’s name, and neither site publishes a licence number.
Are Foxtale sunscreens tested?
All six say “In-Vivo Tested” in the title, and the brand’s blog says SPF is tested on human skin. For the test details, check the pack and ask the brand for its test report.
Is Foxtale profitable?
Not in FY2025. Filings reported by Entrackr show a loss of ₹73 crore on ₹199 crore of revenue that year. In January 2025 the company said it aimed for profitability within the following financial year.
How we research and verify brand audits: our methodology.
References
- ZaubaCorp, Foxtale Consumer Private Limited — legal name, incorporation date, registered office
- Forbes India, 2026 — founding story, four launch products, about 30 products now
- Z47, 14 June 2022 — $4 million pre-Series A
- Business Standard, 12 June 2024 — $18 million Series B led by Panthera
- KOSÉ Corporation, 15 January 2025 — 10% shareholding and “strategic partnership”
- Entrackr, Series C and cap table — ₹1,530 crore post-money, shareholdings, about $52 million raised
- Entrackr, FY2025 financials — ₹199 crore revenue, ₹73 crore loss, ₹106 crore advertising, ₹74 crore materials, from RoC filings
- Open The Magazine, 20 August 2026 — FY2024 and FY2025 figures corroborated
- Outlook Business, January 2025 — ₹300–350 crore gross run-rate and the profitability target
- Business Today, 15 January 2025 — the ₹600 crore projection; channel split; no own stores
- foxtale.in, Ultra Matte Sunscreen SPF 50, 1 September 2026 — ingredient list, ₹495, “237 subjects”, no manufacturer declaration
- foxtale.in, Glow Sunscreen SPF 50, 1 September 2026 — “1013 customers for pan-India Lab Trials”, ₹349 and ₹545 MRP
- foxtale.in, 12% Niacinamide Clarifying Serum, 1 September 2026 — ingredient order, ₹645, no shelf life published
- Foxtale blog, sunscreen explainer — the brand’s in-vivo testing statement
- Skinsort, SPF 50 Glow Sunscreen, updated 13 May 2026 — independent transcription matching the brand’s list
- Tata 1mg, Golden Hour Glow Sunscreen SPF 50 — pack declaration naming Harshvin Kare Products, Chennai; ₹321 price
- IndiaMART, Harshvin Kare Products — contract manufacturer profile, GST since 2017, GMP statement
- Nykaa, Foxtale sunscreen listing, 1 September 2026 — selling prices against MRP
- Nykaa, 12% Niacinamide Serum, 1 September 2026 — ₹532 selling price
- CDSCO, Cosmetics — state licensing of manufacture under the Cosmetics Rules, 2020
- ASCI, complaint outcomes, 2 September 2026 — decided complaint outcomes for Foxtale, including the four product-claim outcomes above
Foxtale gets the ingredient list right. Every serum percentage sits where the ingredient list says it should, the filters are modern, the lists check out against independent transcriptions, and nowhere we read does it call itself chemical-free. The 80 ml Glow Sunscreen at ₹5.59 per ml on Nykaa is a fair buy for anyone who applies enough of it.
For the sunscreens, check the pack and ask the brand for its test report. The serums sit near ₹21.50 per ml whatever the active, so at ₹645 you are paying for the bottle size more than the formula.
Good value in the 80 ml sunscreen, best bought on Nykaa; the serums suit buyers who want a stated percentage and accept about ₹21.50 per ml.
