Series B funding for RENÉE Cosmetics totals $25 million

• ByStartupStory     |    December 7, 2022

Renee Cosmetics, a cosmetics company based in Ahmedabad, has raised $25 million in a Series B fundraising round headed by Evolvence India. Edelweiss Group and previous investors Equanimity and 9Unicorns joined the round as well. Spark Financial Holdings helped to make the deal possible.

The managing directors of Evolvence India, Abhishek Chandra and Ajit Kumar 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 finance, the business is making progress toward its goal of establishing RENEE Cosmetics as a well-known Indian beauty brand on a global scale. In a little more than two years of business, this also results in a $100 million valuation for the brand, which includes a total of $35 million over three rounds of funding, according to a statement from RENEE Cosmetics.

Managing Partner of Edelweiss Group Ashish Agarwal remarked, “We’re ecstatic to be working with RENÉE Cosmetics. Their products feature ground-breaking innovation in packaging design that offers ease and quality. Ashutosh, Priyank, and Aashka are in a strong position to help RENÉE establish itself as a top cosmetics company.”

According to the official press release, the Series B funding will help RENEE expand both domestically and internationally by enabling the company to create additional goods, launch new marketing campaigns, and expand its workforce. One of the quickest beauty companies to surpass the Rs 100 crore ARR threshold is RENÉE, and the company intends to grow by 100% every three months.

“With RENEE, our goal has always been to develop a high-quality brand with cutting-edge products that would alter people’s perceptions of using cosmetics”. Ashutosh Valani, co-founder and director at RENÉE, stated, “We want to inspire our consumers’ creative side and help them celebrate their beauty through RENÉE.”

“What Aashka, Priyank, and I have discovered over the past two years is that it is more important to redefine beauty in a way that customers are willing to accept it than it is to just create a brand that is easy to use. Our first aim with this round is to broaden our product offering so that our customers may feel comfortable being themselves. RENÉE Cosmetics now offers more than 200 items in its beauty and scent categories since starting its post-pandemic operations. The items can be found on RENÉE’s website, on popular e-commerce sites like Amazon, Flipkart, Nykaa, and Myntra, as well as in 650+ shop-in-shop locations nationwide. The business also has a beta internet presence in the US, UAE, and Australia. 

Co-founder and Director at RENÉE Aashka Goradia Goble stated, “With our planned product line, we wish to reveal everyone’s natural layer of beauty. Every person’s journey to embracing their beauty and learning to love themselves more should include RENÉE, in our opinion. “We want to extend and strengthen our presence and steer RENÉE towards becoming a globally-recognized Indian makeup brand that is relatable and accessible to all, regardless of the geographical location,” said Priyank Shah, co-founder and director of RENÉE.

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