RENEE Cosmetics Secures $25 Mn Funding From Evolvence India, Others

RENEE Cosmetics Secures $25 Mn From Evolvence India, Existing Investors

SUMMARY

RENEE Cosmetics has raised the funds in a Series B funding round at a post-money valuation of $100 Mn

Including the current funding, RENEE claims to have raised a total of $35 Mn so far

The startup claims to have grown 100% quarter-on-quarter and tapped an annual revenue of INR 100 Cr

Direct-to-consumer (D2C) beauty brand RENEE Cosmetics has raised $25 Mn in a Series B funding round at a post-money valuation of $100 Mn. The round was led by Evolvence India. Edelweiss Group and RENEE Cosmetics’ existing investors Equanimity and 9Unicorns also participated in the funding round.

RENEE will use these funds to expand its business in the domestic and international markets. It will further deploy funds for marketing and hiring talent.

Including the current funding, RENEE claims to have raised a total of $35 Mn so far.

The development comes almost 10 months after RENEE secured $10 Mn from Ananth Narayanan’s Mensa Brands, Equanimity and 9Unicorns.

Set up in 2020 by Aashka Goradia Goble, Ashutosh Valani and Priyank Shah, RENEE Cosmetics offers beauty products such as eye makeup, lip colours, skin serums, and highlighters, among others.

“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,” said Ashish Agarwal, managing partner, Edelweiss Group.

The startup asserts that it offers cruelty-free and FDA-certified cosmetic products. It further claims to have grown 100% quarter-on-quarter (QoQ) and tapped an annual revenue of INR 100 Cr.

“We want to extend and strengthen our presence and steer RENEE towards becoming a globally recognised Indian makeup brand that is relatable and accessible to all, irrespective of the geographical location,” said Priyank Shah, cofounder and director, RENEE.

According to a press release issued by the startup, it has a portfolio of 200 products in the beauty and perfume categories. It sells products through its website, ecommerce marketplaces and offline retail stores. It also has a presence in the US, the UK and Australia.

In the beauty and personal care segment, the startup competes with the likes of MamaEarth, SUGAR Cosmetics and NutriGlow, among others.

According to an Inc42 report, India’s online beauty and personal care market is projected to become a $5.6 Bn space by 2025.