Funding Alert

RENEE Cosmetics Set To Raise Rs 100 Crore Funding at Rs 1,400 Crore Valuation

• ByStartupStory     |    June 13, 2024

Beauty brand RENEE Cosmetics is set to raise Rs 100 crore in a new funding round led by existing investors, according to sources familiar with the development. The round is expected to be concluded by the end of this month, as reported by Entrackr.

“Evolvence and Edelweiss are in the last leg of putting Rs 100 crore in Renee. The terms of the deal have been finalized and a formal announcement is likely to be out later this month,” said one of the sources requesting anonymity as discussions are private.

This new infusion of capital follows RENEE’s $25 million Series B round in December 2022, which was led by Evolvence India with participation from Edelweiss Group and existing investors Equanimity and 9Unicorns (now 100 Unicorns). To date, RENEE has raised a total of $36 million across three funding rounds.

Post-money, RENEE is expected to be valued at around Rs 1,300-1,400 crore ($155-170 million), representing a 60% premium over its previous valuation during the Series B round.

Founded by Aashka Goradia Goble, along with Beardo co-founders Priyank Shah and Ashutosh Valani, RENEE offers a diverse range of eye makeup, lip colors, skin serums, and highlighters. The brand not only sells through third-party e-commerce and quick commerce platforms but also maintains a presence in over 650 shop-in-shop stores across India.

Despite reaching out, RENEE, Evolvence, and Edelweiss have not provided any comments until the time of publication.

According to startup data intelligence platform TheKredible, Valani and Shah each hold an 18.54% stake in the company, while Goble holds 17.52%. Among external investors, Evolvence holds over 11% of the company.

RENEE’s total revenue saw a substantial increase, growing 3.1X to Rs 100.4 crore in FY23 from Rs 32.4 crore in FY22. However, its losses also surged 4.4X to Rs 32.6 crore during the same period. The company aims to reach Rs 500 crore in revenue by 2024 and has yet to file its audited financial report for FY24.

RENEE competes with established beauty brands such as Lakme, as well as other startups like Sugar Cosmetics and MyGlamm, among others.

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