This interview originally appeared in the DealStreetAsia DATA VANTAGE report Female Founders in India 2024.
Raising capital has never been easy, and in today’s climate, investors are being more selective than ever. For female founders, the journey can sometimes feel even more demanding—not necessarily because our businesses are any less promising, but because we often have to work harder to prove our ability to scale, says Romita Mazumdar, Founder & CEO, Foxtale.
“One thing I’ve noticed is that investors tend to approach women-led businesses with more caution, sometimes unconsciously. Questions about long-term commitment, risk appetite, or even leadership style come up in ways they don’t for male founders. But I believe challenges like these also shape us into stronger entrepreneurs,” Mazumdar said in an interview for DealStreetAsia’s latest report titled Female Founders in India 2024.
In Jan 2025, Foxtale, the new-age D2C skincare brand, raised $30 million in its Series C funding round, which saw participation from Japan’s KOSÉ Corporation, Panthera Growth Partners, Z47, and Kae Capital.
According to Mazumdar, there’s this underlying assumption that men understand business and finance better, while women are expected to have a more emotional or instinctive approach to decision-making. It’s not always intentional, but there is often a different lens through which female founders are evaluated.
“Starting a business is never easy, but as a woman entrepreneur, there were moments that made me pause and reflect. I knew my idea was strong, and I believed in the value of what I was building, but I still encountered doubts—not from myself, but from others. Some investors wondered if I should have a male co-founder, while others subtly questioned my ability to scale a high-growth business on my own,” she said.
Edited excerpts:-
What inspired you to start your own business, and how did you identify the gap in the market?
During my early days as a venture capitalist in India, I had the chance to work closely with a makeup brand. That experience made me realise how much the personal care industry excited me—it felt natural, like something I understood on a deeper level compared to any other category. I started researching the Indian skincare market, and one thing became clear: while the demand was massive, there was still a gap between efficacy and affordability. Skincare has been evolving rapidly since 2019, but high-performing products were often expensive, and affordable options didn’t always have the ingredients that people are now looking for.
“My love for understanding businesses pushed me to take the leap from investment banking to entrepreneurship.”
My love for understanding businesses—what makes them thrive and truly connect with consumers —pushed me to take the leap from investment banking to entrepreneurship. With Foxtale, my goal was simple: to create skincare that works, at prices that make self-care accessible to everyone. Because at the end of the day, skincare isn’t just about products; it’s about confidence, consistency, and feeling good in your own skin.
What were some of the biggest challenges you faced as a woman entrepreneur when starting your own business?
Starting a business is never easy, but as a woman entrepreneur, some moments made me pause and reflect. I knew my idea was strong, and I believed in the value of what I was building, but I still encountered doubts—not from myself, but from others. Some investors wondered if I should have a male co-founder, while others subtly questioned my ability to scale a high-growth business on my own.
“Some investors wondered if I should have a male co-founder.”
One of the surprising challenges was navigating conversations that often revolved around work-life balance, something that male founders rarely face. At first, I found it frustrating, but I quickly realised that the best way to address these biases wasn’t by talking about them—it was by proving them wrong. Instead of focusing on perceptions, I focused on execution.
How did you go about securing funds for your venture? What were the major challenges in raising capital?
Before raising funds, I spent about a year investing in research and development—finding the right formulations, understanding what Indian women truly needed, and speaking to nearly 3,000 women to get real insights. At the same time, I was also meeting potential investors, looking for people who genuinely believed in my vision for Foxtale.
“Raising capital came with its challenges including navigating the extra scrutiny that often comes with being a solo female founder.”
Fortunately, I had a few acquaintances who always believed I would start my own business, and having an investment background helped me lay a strong foundation for fundraising. But even with that, raising capital came with its challenges—convincing investors that skincare in India needed a fresh approach, proving that we could build a brand that was both effective and accessible, and of course, navigating the extra scrutiny that often comes with being a solo female founder. What worked for me was staying laser-focused on the business—showing real consumer demand, backing every decision with data, and making sure Foxtale wasn’t just another brand, but one that truly solved a problem. Once people saw that, the right investors naturally aligned with us.
Do you think having male co-founders could have made a difference in your fundraising journey?
Honestly, I don’t think having a male co-founder would have changed the fundamental challenges of fundraising. Investors back strong businesses with a clear vision, solid execution, and market potential. That said, as a solo female founder, I have noticed that the kind of questions I get asked often lean towards risk assessment, sustainability, scale, and long-term commitment. So while gender perceptions do exist in the ecosystem, great businesses speak for themselves.
In the current environment, when funding is difficult to secure for most startups, do female founders find it tougher to raise capital?
Raising capital has never been easy, and in today’s climate, investors are being more selective than ever. For female founders, the journey can sometimes feel even more demanding—not necessarily because our businesses are any less promising, but because we often have to work harder to prove our ability to scale. But challenges like these also shape us into stronger entrepreneurs. We become more resilient, data-driven, and focused on profitability rather than just chasing valuations.
“Female founders have to work harder to prove our ability to scale.”
Have things become any easier for women founders today than, say, five years back?
Yes and no. There’s more visibility and support for women entrepreneurs today, and we have more success stories that serve as proof of what’s possible. At the same time, structural challenges remain—whether it’s fundraising or unconscious biases in business interactions. The silver lining is that female founders today are forming stronger communities, supporting each other, and changing the narrative in real-time. It’s an exciting time to build!
What were some key mistakes or learning moments you encountered in the initial years?
One of my biggest learning moments was understanding that product-market fit is everything. When we launched, we were clear about the problem we were solving, but listening to real customer feedback and adapting quickly was what made all the difference. We also spent a minimum of 18 to 24 months in developing a product and in trials before launching it. Another key learning was around hiring—finding the right people who believe in your vision and can execute it with the same passion is crucial. And of course, managing cash flow—being capital-efficient while scaling fast is a delicate balance.
How do you manage the balance between your personal life and the demands of being a founder?
Being a founder can be all-consuming, and some days, it feels like work takes over everything. But I’ve learned that constantly pushing without a break doesn’t help anyone—not me, not my team, and not the business. Having a strong support system—whether it’s family, friends, or my team—makes all the difference. The right people remind you to pause, recharge, and see the bigger picture.
How do you envision your company evolving over the next 5-10 years?
My vision is to grow Foxtale into a Rs 1,000 crore company, up from the current Rs 300 crore plus in gross revenue. I see us becoming a household name synonymous with high-quality, effective skincare tailored specifically for Indian consumers. Our focus will remain on innovation and deepening our connection with customers across India. We do have plans to expand into a few more categories in the coming years.
What would be your key piece of advice for women who want to start their businesses in India today?
My biggest advice would be to start—there is no perfect moment. If you have a strong idea and believe in it, take the first step and commit to executing your vision with conviction.
“My biggest advice would be to start—there is no perfect moment.”
Surround yourself with the right people—mentors, team members, and peers. There will be challenges, and at times, doubts—both from others and from within. But trusting your instincts, staying focused, and consistently working towards your goals will make all the difference.
