Powering inclusive beauty innovation in India with Moxie Beauty

A haircare revolution in India is underway. Approximately 85% of Indians have textured hair, yet most products on the market are generic formulations sold by conglomerates, which often don’t meet the diverse haircare needs in India. Many parts of India experience varying weather conditions, from extreme heat and humidity to cold and dry weather in other regions. This alone creates a demand for more inclusive haircare products that cater to the diverse hair maintenance needs of most Indians, such as those addressing damage, deterioration, degradation, and even hair loss. The market for textured haircare products in India has experienced a 300% growth in SKUs (stock-keeping units) over the past three to four years, increasing from ~100 to 300 SKUs during that time and continuing to grow at a more premium price point than the rest of the market.

Moxie is at the forefront of this revolution as one of India’s fastest-growing beauty and personal care brands in the haircare category. The company fits squarely in our consumer roadmap, specifically on the rise of D2C brands, where we believe that discerning, online consumers will fuel the rise of iconic brands in India. This mobile-first, aspirational demographic, which is a part of the Instagram generation, is increasingly seeking differentiated, high-quality products that align with contemporary preferences. The expansion of organized retail, rapid adoption of quick commerce, and the evolution of digital payments have significantly influenced buying behaviors, creating new “virtual shelves” that remain under-penetrated and available for innovative brand entry. Younger generations, like Gen Z and Gen Alpha, are more aware of their unique personal care needs and want the latest hair care and styling products to better manage their hair.

This is why we’re proud to lead Moxie’s $15 million Series A as the company provides solutions for the maintenance, styling, and enhancement of Indian hair. Through its traditional products, such as shampoos, conditioners, serums, as well as innovative products, such as flyaway brushes, wax sticks, etc, Moxie offers hygienic hair care and new method solutions for maintaining specific hair types. Moxie’s haircare formulas leverage cutting-edge science and some of the best ingredients from all over the world (nearly half of the company’s raw materials are imported). The haircare company develops these products from scratch to be fit for purpose, with many of its products being first-in-market innovations in India and globally. This includes their dandruff detox serum, which is the first of its kind in India.

Moxie’s successful trajectory stems not just from favorable macro tailwinds but their 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 bestsellers on most Indian e-commerce and quick commerce marketplaces. We’re excited to partner with co-founders Nikita Khanna and Anmol Ahlawat, wishing them all the best for the journey ahead.