Moxie Beauty: D2C haircare brand Moxie Beauty raises $2.1 million in funding led by Fireside Ventures

Haircare brand Moxie Beauty has raised $2.1 million or Rs 17.3 crore in a funding round led by Fireside Ventures. Angel investors including Yoga Bar founder Suhasini Sampath and Mokobara founders Navin Parwal and Sangeet Agrawal also participated in the round.Launched in November 2023 by Nikita Khanna and Anmol Ahlawat, Moxie Beauty makes hair care products tailored for Indian hair textures. Their products include shampoos and conditioners, along with leave-in products and styling products to tackle dryness and frizz.

The company said it will use the fresh funds for product innovation and research, hiring talent, and expanding distribution channels, to secure a share of India’s haircare market, which is valued at $5 billion.

“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,” Khanna said in a statement. “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.

ET reported on June 12 that omnichannel beauty retailers and brands are securing top dollars from venture capital and private equity funds, buoyed by post-Covid demand that continues to grow. Beauty retailer Purplle on July 1 closed a Rs 1,000-crore ($120 million) round led by sovereign fund Abu Dhabi Investment Authority (ADIA).
In recent months, skincare brand Foxtale and haircare brand Traya raised capital from Panthera Growth Partners and Xponential Capital, respectively.