RENÉE Cosmetics raises $25 million Series B funding
RENÉE Cosmetics announced in a 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, have raised $25 million in Series B funding towards building its mission of making RENEE Cosmetics a globally recognized Indian beauty brand. This also leads to creating a 100 million valuation for the brand in only a bit over two years of operations; this is inclusive of a total of $35 million across three rounds of funding.
The investment, which is one of the larger ones in the D2C industry today, also signifies how the beauty industry today has revolutionized as consumers in this era have increased adaptability towards self-care and beauty, thus helping RENEE create a niche in the industry for sleek, unique, multi-functional products with premium quality and affordable prices. The Series B funding will further enhance RENEE’s continued Indian and international growth by allowing the company to develop more products, marketing initiatives and grow its team; RENÉE has already proven to be one of the fastest beauty brands to breach 100 Cr. ARR mark in revenue, and the brand aims to grow 100% quarter by quarter.
“With RENEE, 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,” said Ashutosh Valani, Co-Founder and Director at 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.”
Aashka Goradia Goble, Co-Founder and Director at RENÉE, says, “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.” Priyank Shah, Co-Founder and Director at 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.”
Speaking on the investment, 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 at 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."
Since commencing its post-pandemic operations, RENÉE Cosmetics today has over 200 products in its beauty and perfume divisions portfolio. These products are available on RENÉE’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. As the beauty industry continues to evolve and grow, one thing is certain, RENÉE Cosmetics is definitely poised to lead the industry in the near future.