Romita Mazumdar: The Investor-Turned-Founder Building Foxtale, India's Efficacy-First Skincare Brand
Meet Romita Mazumdar, the powerhouse founder and CEO behind Foxtale, one of India's most talked-about D2C skincare brands. With a background spanning investment banking at Bank of America Merrill Lynch and venture capital at e91 Partners, Romita brings a unique blend of analytical rigor and deep customer empathy to the beauty industry.
Her journey, transitioning from evaluating businesses to building one ground-up, is packed with insights, particularly how Foxtale is rapidly scaling by focusing intensely on product efficacy.
This profile delves into Romita's background, the founding story of Foxtale, its unique market positioning, growth trajectory, and the core philosophies driving its success, drawing heavily from her candid conversation on the Founder Thesis podcast.
Ready to understand the mind of an investor-turned-disruptor?
Check out the video of the conversation here or read on for insights.
🌱 Early Life & The Seeds of Ambition
Hailing from Ranchi, a smaller city in India, Romita's perspective was shaped by diverse experiences. A pivotal moment was her undergraduate journey at UCLA in the US.
“I'm from Ranchi. It's a small city in India, and grew up there, went to UCLA for my undergrad. So that was the first time when my horizons expanded, and I saw very different worlds...”
This exposure, combined with a deep appreciation for her parents' sacrifices, ignited a powerful drive. She realized the magnitude of their investment in her education upon arriving alone in the US.
“I come from a decent, developed family, but not so much where... they could afford what they had at that time given me. And I realized that the moment I landed there by myself.”
“To me, the first thing was I'm gonna give back the RoAS [Return on Ad Spend, used metaphorically for parents' investment]... Whatever they're putting to educate me for four years, I was like, I'm gonna earn it back in one year.”
This ambition led her to explore high-finance careers, eventually setting her sights on investment banking after meeting an inspiring senior banker.
“There was something about this person that was very aspirational to the eighteen year old me. And I said, I'm gonna pursue my career in investment banking at the age of eighteen.”
🏦 Wall Street Calling: Investment Banking & Consumer Tech
Romita secured a coveted position at Bank of America Merrill Lynch in the US, initially focusing on tech banking. However, she found her true passion working with consumer tech companies – brands she understood and used herself.
“I did spent a lot of time with consumer tech, which included your FANGs of the world... but it also had a lot of series d and e companies of the time, like Airbnb, Pinterest, Uber...”
“To me, I found love here because this was a sector that I used to understand as a user... these were brands that I was using on my day-to-day life. So there was a lot of conversation I could do outside work as well...”
Her journey brought her back to India in 2018 within Bank of America, where she continued tech banking (working on deals like Swiggy and Zoomcar). This move provided a crucial realization about the unique complexities of the Indian market.
“What I really learned, Akshay, India consumer tech and US consumer tech are not the same... India, Oyo, and Airbnb are not the same models... Uber India, Uber US are not the same models at all.”
“Regional disparities is so wide in India. When you look at why a certain business model works in a certain state versus another, the reasons are completely different.”
She recognized the need to unlearn her Silicon Valley-centric mindset and gain deeper, on-the-ground experience in India.
“I was this Silicon Valley bred, fancy unit economics, CM2, and all of those languages... I had to unlearn and learn, and I said I'm gonna move closer to an organization where I can learn and unlearn all of these things.”
💡 The Venture Capital Chapter: Learning at A91 Partners
Seeking deeper insights into the Indian startup ecosystem, Romita joined the newly formed growth equity fund, A91 Partners, founded by ex-Sequoia partners like Abhay Pandey, Gautam Mago, and VT Bharadwaj. A chance congratulatory message led to an interview offer.
“They were just getting formed... Some of ex-Sequoia partners were moving out to start e91... When I congratulated him... He sent me a message, 'Do you want to interview with us?”
A91 Partners focused on the "growth equity" gap in India – investing in companies typically Series B and C, post-VC but pre-private equity, often in the $10-50 million check size range, where unit economics were proven but hyper-scaling was the next step.
“For them, the white space in India was... no one was writing this ten to fifty mil checks... where unit economics is proven. So we are not a VC. We are not taking bet on unit economics... Now it's about hyper scaling it up, keeping the profitability in mind. So that's why it's called growth investing.”
Her time as an analyst involved evaluating companies, understanding market dynamics from an investor perspective, and observing the founder journey up close, further honing her business acumen and sparking the desire to build.
🚀 The Entrepreneurial Vision: Building Foxtale
Despite her success in finance, Romita felt a pull towards building something herself. It wasn't about the title of "entrepreneur" but the act of creation.
“I wasn't born and said ki entrepreneurship hi karna hai... I honestly just wanted to do a good job, earn good money, and lead a good life... To me, [entrepreneurship] simply means to build.”
An introspective moment during a casual chat with her VC partners, where she unexpectedly stated her ambition to be CEO of P&G, along with encouragement from former employers, nudged her further. Her vision eventually crystallized with remarkable clarity:
“I woke up, and I said, you know, I want to build a thousand crore company with twenty percent EBITDA... That became my definition of building... Whether it takes me two years, three years, five years, ten years to build this, I'm gonna build it. I'm not gonna stop.”
This clear financial goal provided a sharp focus. Skincare (BPC - Beauty & Personal Care) emerged as the ideal category due to its high revenue and profit potential, combined with Romita's personal passion and "power user" status.
“I needed a category that has high revenue pool and profit pool... I know BPC skin gets fits perfectly into that... Second, as a founder... [an] arbitrage that founders have is being power users of the category.”
🦊 Founding Foxtale: Research, Efficacy & The "Story"
Romita didn't just jump in. She undertook extensive market research while still at e91, speaking to over 100 skincare brands and, crucially, conducting in-depth interviews with 937 women across 10 Indian cities.
“I knew that I can have all these numbers, and I have a thesis, but I don't know till I go and speak to the user... I interviewed thousand women, I still remember the number, 937 women...”
This painstaking research, done on weekends and evenings, revealed key insights:
Efficacy is King: Indian consumers prioritize products that solve specific skin problems.
Speed Matters: They desire quick, visible results ("two-minute noodle market").
Ingredient Trends vs. Core Needs: Brands chasing trends often lacked focus and efficiency.
“In India, people, when it comes to skin care, they solve for efficacy... second... India is a two-minute noodle market, so subsequent [need] instant efficacy...”
“Today, aloe vera can be trending. Next year, red algae will start trending... Because trends are trends. Trends are supposed to come and go. Right? But benefits is something that is relevant 10 years back... today... 10 years later.”
This led to Foxtale's core strategy: Efficacy-First. The goal was to create a limited range of highly effective products targeting specific concerns (like brightening, hydration, anti-aging), designed for high repeat usage (LTV).
“To address both TAM and profitability, you need to create limited SKUs, and you need to create high LTV around each SKU.”
A key breakthrough was connecting with Dr. Ramesh Surin Narayanan, a veteran formulator ex-Unilever (known as the "Fair & Lovely man") and ex-Himalaya, after an exhaustive search.
“He's called the Fair & Lovely man in Unilever... I searched him on LinkedIn. He had 22 connects... I reached out to all 22 people. Three of them replied...”
“I said, sir, you help me solve the formulation part, I'll help you solve the testing. And with that, we shook hands...”
The day Dr. Surin agreed was the day Romita put in her papers at e91. They established Foxtale's R&D lab in Chennai in January 2021, focusing on safe, penetrating formulations delivering measurable results, with each product taking 12-18 months to develop. Romita initially funded this R&D using her personal savings.
The name "Foxtale" stemmed from this period, inspired by the resilient Foxtail Palm and the multifaceted nature of the Fox – competitive yet nurturing. The brand philosophy solidified during the consumer interviews:
“As I was telling [my husband]... I was genuinely just on a rant... And then I said... It's like every skin has its own story... that's what made me fall in love with this category... You can't create products if you don't understand the stories.”
📈 Foxtale's Growth Trajectory & Strategy
Launched in January 2022, Foxtale has seen remarkable growth, achieving a revenue run rate of ₹240-250 Crores as of the podcast recording. (Note: Based on transcript data).
Key elements of their growth strategy include:
Channel Focus: A strong emphasis on their owned website (D2C), driving 50% of revenue, strategically supplemented by marketplaces (Amazon, Nykaa - 30-35%) and nascent offline presence (10%).
Exceptional Website Performance: Achieving a 5-6.5% conversion rate (vs. 1.5-2% industry average) driven by:
Data Rigor (IQ): Deep user flow analysis, owning their data infrastructure, and continuous optimization.
Brand Empathy (EQ): Understanding customer needs ("story") and building brand love.
Profitability & Sustainability: The website channel is profitable, with 50% repeat users and 40% organic traffic, indicating strong product-market fit and brand loyalty.
Focused Product Portfolio: Sticking to a limited range of high-efficacy SKUs (aiming for 20-25 total, 17 launched at time of recording).
Building an Institution: Romita emphasizes moving beyond a "startup" mindset.
“My website conversion is 5 to six and a half percent... fifty percent revenue comes from website... fifty percent [of that] is repeat users, forty percent is organic revenue... We make money on the first buy itself.”
“Our team's strength is... pick something up and penetrate it deeply. And, hence, my job as a CEO has always been that we pick the right channel...”
“Scale is execution. Profitability is optimization. But sustainability is processes... I don't want to be called a startup. I want to be called an organization.”
💰 Funding
Foxtale secured its initial funding in a pre-product, pre-revenue seed round led by Kae Capital and involving Matrix Partners India. Romita highlights the value of supportive partners, especially early on.
“It was pre-product. It was not even pre-revenue... I loved Kae [Capital]... They are great investors and great human beings... Having someone else in the cap table with skin in the game, I think that just felt emotionally a better place to be in.”
🤝 Leadership & Vision
Romita's leadership style emphasizes authenticity, clarity, and building a strong sense of belonging. She credits early advice from her investor Sunita (Kae Capital) for helping her embrace her candid nature.
“Sunita told me something that I never forget. She said... 'That's a filter. You should be very happy about it because people who can't appreciate it are people you also can't sustainably have in your life...”
“I think you were fundamental in me owning who I am. And that was critical for my team because if I didn't own who I am, my team... would not have owned who they are... Belonging is critical for execution.”
Her hiring philosophy famously includes a "bias against pedigree," prioritizing intrinsic drive.
“I have never I genuinely don't believe in pedigree... I think I have in fact, I believe I have a bias against pedigree... I want hungry people. I want people like me... hungry people who are hardworking and strong principally... are people I tend to hire more.”
Looking ahead, Romita remains focused on her initial goal of building a ₹1000 Crore company with 20% EBITDA within the next few years, driven by channel penetration, brand awareness, and further institutionalizing Foxtale.
Romita Mazumdar's journey with Foxtale is a compelling case study in strategic focus, deep customer understanding, and relentless execution. By transitioning her analytical skills from finance to founding, combined with a unique emphasis on efficacy and authentic brand building, she is carving out a significant space in the competitive Indian skincare market. Foxtale's trajectory serves as a powerful example for founders aiming to build sustainable, customer-centric D2C brands in India and beyond.
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