RENÉE Cosmetics raised $25 million in a Series B funding round led by Evolvence India, with Edelweiss Group and existing investors Equanimity and 9Unicorns, through a deal facilitated with the support of Spark Financial Holdings.
The said amount has been raised towards building on the brand’s mission of making RENÉE Cosmetics a globally recognized Indian beauty brand. This also leads to creating a $100 million valuation for the brand within two years of its operations; this is inclusive of a total of $35 million across three rounds of funding.
The Series B funding will further enhance RENÉE’s continued Indian and international growth by allowing the company to develop more products, and marketing initiatives and grow its team; RENÉE has already proven to be one of the fastest beauty brands to breach the Rs 100 crore ARR mark in revenue, and the brand aims to grow 100 percent quarter by quarter.
“With RENÉE, our goal has always been to create a quality brand with innovative products that would change the perception towards using beauty products. We want to inspire our consumer’s creative side and help them celebrate their beauty through RENÉE. What Aashka, Priyank, and I have learned in the last over two years is that it is less about creating a brand that is simple to use, that is just the table stake, but more about redefining beauty in a way that consumers are open to embracing it. With this round, our priority is to extend our product portfolio to give our consumers the comfort to be at ease with being themselves,” said Ashutosh Valani, Co-Founder and Director, RENÉE.
“With our upcoming product portfolio, we want to unveil everyone's innate layer of beauty. We want RENÉE to be a part of every individual's journey towards loving themselves more and celebrating their beauty,” commented Aashka Goradia Goble, Co-Founder, and Director, RENÉE.
Priyank Shah, Co-Founder, and Director, RENÉE, concluded, “We want to extend and strengthen our presence more in-depth and steer RENÉE towards becoming a globally recognized Indian makeup brand that is relatable and accessible to all irrespective of the geographical location.”
Furthermore, Abhishek Chandra, Managing Director and Ajit Kumar, Managing Partner at Evolvence India, 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.”
Ashish Agarwal, Managing Partner, Edelweiss Group, further added, "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."
RENÉE Cosmetics today has over 200 products in its beauty and perfume divisions portfolio which are available on the brand’s website and across major e-commerce platforms such as Amazon, Flipkart, Nykaa, and Myntra, with several others, and also 650+ shop-in-shop stores across the country; additionally, they also have an online beta presence in the US, UAE, and Australia.