Ahmedabad-based makeup brand RENÉE Cosmetics has raised $25 million in a new financing round at a post-money valuation of $100 million. The Series B round was led by Evolvence India, with participation from Edelweiss Group and RENEE Cosmetics’ existing investors Equanimity and 9Unicorns. The deal was facilitated with the support of Spark Financial Holdings.
According to the startup, The raised capital will enhance its continued Indian and international growth by allowing the company to develop more products, marketing initiatives and grow its team. RENÉE claims to be one of the fastest beauty brands to breach Rs 100 crore ARR mark and aims to grow 100% quarter by quarter, it said.
“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," said Valani.
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.”
"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," Abhishek added.
Apart from selling in e-commerce platforms -- Amazon, Nykaa, Flipkart, and Myntra, The brand also has its presence in more than 650 shop-in-shop stores across the country. It also has an online beta presence in the US, UAE, and Australia.