Ahmedabad-based makeup brand RENÉE Cosmetics has raised $25 million in Series B funding round led by Evolvence India. The round also saw participation from Edelweiss Group and existing investors Equanimity and 9Unicorns. The deal was facilitated with the support of Spark Financial Holdings.
Abhishek Chandra, Managing Director, and Ajit Kumar, Managing Partner at Evolvence India, said,
“RENÉE’s relentless focus on brand, omnichannel distribution, and product gives the company an edge for it becoming a disruptive force in the beauty landscape in India. We are excited to partner with Ashutosh, Priyank, and Aashka, all of them who come with a deep experience in this space, to accelerate the company’s already impressive growth trajectory.”
With this funding, the company is moving towards building its mission of making RENEE Cosmetics a globally-recognised Indian beauty brand. This also leads to creating a $100 million valuation for the brand in a little over two years of operations, which is inclusive of a total of $35 million across three rounds of funding, RENEE Cosmetics said in a statement.
Ashish Agarwal, Managing Partner at Edelweiss Group, said, “We are thrilled to partner with RENÉE Cosmetics. Their products have path-breaking packaging-form innovation that delivers convenience and quality. Under the leadership of Ashutosh, Priyank, and Aashka, RENÉE is well-positioned to become a leading cosmetics brand.”
As per the official release, the Series B funding will further enhance RENEE’s Indian and international growth by allowing the company to develop more products, marketing initiatives, and grow its team. RENÉE has already proven to be one of the fastest beauty brands to breach Rs 100 crore ARR mark, and the brand aims to grow 100% quarter-by-quarter.
“With RENEE, our goal has always been to create a quality brand with innovative products that would change the perception towards using beauty products. We want to inspire our consumer’s creative side and help them celebrate their beauty through RENÉE,” said Ashutosh Valani, Co-founder and Director at RENÉE.
“What Aashka, Priyank, and I have learned in over the last two years is that it is less about creating a brand that is simple to use, that is just the table stake, but more about redefining beauty in a way that consumers are open to embracing it. With this round, our priority is to extend our product portfolio to give our consumers the comfort to be at ease with being themselves.”
Since commencing its post-pandemic operations, RENÉE Cosmetics today has over 200 products in its beauty and perfume categories. The products are available on RENÉE’s website, across major ecommerce platforms such as Amazon, Flipkart, Nykaa, and Myntra, as well as at 650+ shop-in-shop stores across the country. Additionally, the company has an online beta presence in the US, UAE, and Australia.
Aashka Goradia Goble, Co-founder and Director at RENÉE, said, “With our upcoming product portfolio, we want to unveil everyone’s innate layer of beauty. We want RENÉE to be a part of every individual’s journey towards loving themselves more and celebrating their beauty.”
Priyank Shah, Co-founder and Director at RENÉE, added, “We want to extend and strengthen our presence and steer RENÉE towards becoming a globally-recognised Indian makeup brand that is relatable and accessible to all, irrespective of the geographical location.”
