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Ahmedabad-based makeup brand Renee Cosmetics on Thursday raised Rs 100 crore (around $12 million) in its Series B round led by existing investors Evolvence India and Edelweiss Group. The current funds were raised at a valuation of Rs 1,200-1,400 crore.

With the latest round, the company’s valuation is up 60% from previous valuation of $100 million (around Rs 850 crore) in December 20200 when it raised $25 million, the company said in a release. To date, the RENÉE has raised about $45 million in total.

“Our goal is to set new industry standards and create a positive impact on our customers and the beauty industry,” said Ashutosh Valani, Co-founder and Director at RENÉE, “This funding round will enable us to push the boundaries of beauty innovation and reach new heights in delivering products that encourage and celebrate diverse beauty.”

“With this investment, we can introduce a more extensive product portfolio, making RENÉE a one-stop destination for all your beauty needs. We want to increase our omnichannel presence as we are poised to become a leading force in the Indian beauty industry and a global symbol of inclusivity and innovation,” stated Priyank Shah, Co-founder at RENÉE.

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Speaking on the investment, Evolvence India’s Managing Director Abhishek Chandra and Managing Partner Ajit Kumar said, “This investment fuels their vision of becoming a disruptive force by offering a wider range of high-quality products accessible through all channels. We believe RENÉE’s growth potential aligns perfectly with our investment strategy, and we’re excited to be a part of their journey.”

RENÉE Cosmetics has over 200 products in its beauty and perfume divisions portfolio. These products are available on RENÉE’s website and across major ecommerce platforms such as Amazon, Flipkart, Nykaa, and Myntra, among others, and in 1,200+ shop-in-shop stores across the country. Additionally, they also have an online beta presence in the US, the UAE, and Australia.