Moxie Beauty Gets $15 Million To Expand Haircare Range

Moxie Beauty, India’s fastest growing haircare brand, raised $15 million in Series A funding led by Bessemer Venture Partners. The round also saw participation from existing investors Fireside Ventures and angels such as Navin Parwal, Sangeet Agarwal and Arjun Purkayastha. Existing angels include Shantanu Deshpande, Suhasini Sampath and Rohit Kapoor, among others. The funds will be used towards product innovation and research, hiring talent, and expanding distribution channels.

Nearly 85% of Indians have textured hair, compared to just 17% in the US. Combined with the hot, humid climate in many parts of India for much of the year, this creates a uniquely challenging environment that leads to frizz, damage, dehydration, and even hair fall. Yet, it is only now that a product revolution is underway to provide tailored care for unique Indian hair types and concerns. Gen Z and Gen Alpha consumers feel these challenges even more acutely, as they seek high-performance products and modern styling solutions that traditional brands have not provided.

Moxie is at the forefront of this revolution with a comprehensive portfolio of products across hair care, maintenance, styling and scalp health. The brand was launched in 2023 by Nikita Khanna and Anmol Ahlawat, sparked by Nikita’s search for clean, high performance products for her own hair. With a total of 19 products, the company aims to provide not only hair care essentials such as shampoos and conditioners, but also innovative new-age formats such as the On The Fly Hair Finishing Stick, the Headliner Hair Wax Stick and others, built to enhance and style Indian hair.

With innovation at the core of its product philosophy, Moxie’s haircare formulations leverage cutting-edge ingredient science from all over the world - nearly half their raw materials are imported. But what is even more unique is that they develop these formulations from scratch to be fit for purpose, taking up to 2 years to formulate and perfect each product. Many of their products are category-first innovations in India, or even globally. For instance, their Dandruff Detox serum which has both exfoliating acids and barrier building oils, for a holistic and advanced approach to tackling dandruff.

Moxie’s resonance with its target audience is evident in its growth numbers. They have crossed INR 100 Cr ARR in 2 years since launch and have 4Xed monthly revenue in the last one year since November 2024. Moreover, 10 products rank in the bestsellers in their categories across Nykaa and Amazon, and they have an overall retention of over 40%.

Moxie’s right to win stems not just from favourable macro tailwinds or the mere existence of a whitespace, but the founders’ ability to cater to a young Indian demographic in a meaningful manner. The product love for their brand is evident by the fact that their core products (shampoos and conditioners), rank amongst the top bestsellers on Nykaa.

Nikita Khanna, co-founder of the company said, “We started Moxie to create something that still didn’t exist - clean, salon-grade haircare that's made specifically for Indian hair textures and weather, which are very unique. With this raise, we are excited to deepen our R&D capabilities and continue to innovate the next generation of high-performance hair care and styling products for our community.”

Anant Vidur Puri, Partner at Bessemer Venture Partners said “our partnership with Moxie lies squarely on our consumer brands roadmap where we believe that aspirational and discerning consumers will fuel the rise of iconic India-first brands. The team’s laser sharp focus on innovation and formulation excellence is evident in the customer love they have. We wish them all the best for the journey ahead.”