When we introduced Moxie Beauty in "Telling It Not So Straight," we laid out a bold thesis: India's INR 25,000 crore haircare market was ripe for disruption by a brand that truly understood Indian hair. Eighteen months later, that thesis has not only held – it has exceeded every expectation we set.
For a brand that specializes in curls, waves, and frizz, their journey has been strikingly straight.
Our Venture Investment
Our conviction in Moxie was anchored in a simple but powerful insight: real product innovation had not taken place in Indian haircare despite it being a massive market. The data was compelling: 80-85% of Indians have textured hair (wavy, curly, dry, frizzy), yet brands continued offering global solutions designed for the straight hair, promising "silky straight results" that consistently failed Indian consumers.
Nikita, co-founder and CEO, was Customer #1 and face of the brand, who spent 18 months researching wavy, curly, and frizzy hair products before launching Moxie. Her husband Anmol joined as co-founder bringing complementary GTM and growth expertise. The international playbook was proven, and we’ve seen brands like Curlsmith and Devacurl scale. India simply needed its own category-defining brand.
Leaving expectations in the dust
Pick a milestone, and Moxie went on to surpass it. From revenue, to repeats, to ratings, the brand has excelled in its execution. Its diversified channel mix, achieved while maintaining positive CM2 across platforms, reflects flawless execution.
Strong Product-Market Fit is evident across the portfolio, every product launched by the brand has found its calling with the consumers. Styling products like the On The Fly (Hair Finishing Stick) and The Headliner (Wax Styling Stick) serve as acquisition drivers, while routine shampoo-conditioner-type products drive retention and LTV. The approach mirrors successful global playbooks but has been adapted for Indian consumer behavior.
Doubling down on Moxie
Several factors convinced us of the Moxie follow-on:
- Capital efficiency: Moxie became an INR 100 Cr brand within two years of launch at a remarkable capital efficiency ratio of ~3.4x.
- Consumer love: Product ratings consistently exceed 4.5 across marketplaces and D2C, with return rates below 5%. Customer feedback highlights "supreme fabric quality," "tame frizz," and products that "cleanse without harshness and condition without heaviness." Repeat purchase rates are exceptional, and go up to 40%.
- NPD excellence: Moxie’s in-house SCOUT platform works with a network of leading cosmetic and ingredient chemists to throw up consumer insights. Product quality matches the luxury segment, with high-quality ingredients, several of which are imported to India exclusively for Moxie. The company maintains a high hit rate on launches, with every product finding market success.
- Exemplary founders: Nikita and Anmol have demonstrated exceptional execution as operators. While their complementary skillsets remain well-defined, they also demonstrated strong strategic thinking, and organization-building skills.
The Fireside perspective
Moxie's journey reinforces several principles we believe in at Fireside:
Solve a real problem you understand deeply: Nikita's personal frustration with haircare for textured hair led to 18 months of R&D before a single product launched. That depth of insight created genuine differentiation and significant unmet latent consumer demand helped drive scale.
Build for Indian consumers, not global templates: Products designed for Indian hair types, weather, and habits outperform imported solutions every time.
Prioritize brand from day one: Moxie invested in brand building early, resisted growth hacks that could dilute brand equity, and maintained pricing discipline—choices that compound over time to help build an iconic brand.
Capital efficiency mindset: Hitting an INR 100 Cr ARR while remaining capital efficient allows founders to build a large sustainable brand.
From an early PMF thesis to a robust business with category-defining products, Moxie represents the kind of transformation that makes early-stage investing rewarding. We're proud to continue this journey alongside Nikita, Anmol, and now Bessemer Venture Partners, as the company builds India's leading premium haircare brand.
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