The Series B1 funding round was co-led by existing backers Evolvence India and Edelweiss Group
The fresh round catapulted RENEE's valuation in the range of INR 1,200- 1,400 Cr, a 60% jump from its last round in December 2022 which was raised at a valuation of approximately $100 Mn
The fresh capital will be used to diversify the company's product portfolio and strengthen omnichannel presence
Update | June 13, 17:47 PM
Direct-to-consumer beauty brand RENEE Cosmetics has raised INR 100 Cr (around $11.9 Mn) in its Series B1 funding round co-led by existing backers Evolvence India and Edelweiss Group.
The fresh round catapulted RENEE’s valuation in the range of INR 1,200- 1,400 Cr, a 60% jump from its last round in December 2022 which was raised at a valuation of approximately $100 Mn (around INR 850 Cr), the company said in a statement.
Cofounder Priyank Shah said that the fresh capital will be used to diversify its product portfolio and strengthen omnichannel presence.
“We’re impressed by RENÉE’s dedication to innovation across its product line and its commitment towards building a strong omnichannel presence. This investment fuels their vision of becoming a disruptive force by offering a wider range of high-quality products accessible through all channels,” said Evolvence India’s Abhishek Chandra and Ajit Kumar in a joint statement.
Original Story | June 13, 14:45 PM
Direct-to-consumer beauty brand RENEE Cosmetics is looking to raise a fresh funding of INR 100 Cr (around $11.9 Mn) from its existing investors, a person close to the matter told Inc42.
The company counts Evolvence India, Edelweiss Group and 100Unicorns among its existing backers.
Entrackr reported the development first.
In 2022, RENEE secured $25 Mn in its Series B funding round led by Evolvence India, along with participation from Edelweiss Group, Equanimity and 100Unicorns.
In the same year, it raised $10 Mn in its Series A funding round led by Ananth Narayanan’s D2C roll-up unicorn Mensa Brands as well as Equanimity and 100Unicorns.
To date, RENEE has raised a total funding of $38 Mn, as per Crunchbase.
Inc42 has reached out to the company for comments. The story will be updated based on the responses.
Founded in 2018 by Aashka Goradia Goble and Beardo cofounders Ashutosh Valani and Priyank Shah, Renee is an Indian makeup brand offering an array of products around eye makeup, lip colours, skin serums and highlighters.
The startup sells its products online and offline, as well as through quick commerce apps. On the retail front, it has a presence of over 650 shop-in-shop stores across India.
It competes against the likes of Sugar Cosmetics, MyGlamm and Tira, among others in the beauty segment.
This development comes at a time when startups in the beauty and personal care segment are witnessing significant interest from investors.
Earlier this month, Skincare solution startup CHOSEN by Dermatology secured seed funding of $1.2 Mn from friends and family.
Last year, another D2C beauty and personal care startup Clensta bagged INR 75 Cr in a funding round led by TradeCred.
Not to mention, the beauty and personal care segment presents a huge business opportunity with the market expected to grow from $5 Bn in 2023 to $28 Bn in 2030, at a CAGR of 28%.
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