Beauty care startup RENÉE Cosmetics has raised Rs 100 crore (around $12 million) in its Series B round of funding led by existing investors Evolvence India and Edelweiss Group. The company said it raised the latest round at a valuation of Rs 1,200 – 1,400 crore, up by 60 per cent from its earlier round of $25 million in December 2022 at a valuation of around Rs 850 crore ($100 million).
The company, which is one of the fastest beauty brands to surpass the 350 crore ARR threshold in revenue, has Evolvence India, Edelweiss Group and 100Unicorns among its existing investors.
Established in 2018 by Aashka Goradia, Priyank Shah, and Ashutosh Valani, the company offers over 200 products in beauty and perfume. Their items are sold on various platforms like Amazon, Flipkart, Nykaa, and Myntra, as well as in 1,200 shop-in-shop stores nationwide. RENÉE also has an online beta presence in the US, UAE, and Australia.
In December 2022, RENEE raised $25 million in a Series B round led by Evolvence India with participation from Edelweiss Group and existing investors Equanimity and 9Unicorns (now 100 Unicorns). It has raised a total funding of $46 million to date across three rounds.
Cofounder Priyank Shah said that the fresh capital will be used to diversify its product portfolio and strengthen omnichannel presence.
"With this investment, we can introduce a more extensive product portfolio, making RENÉE a one-stop destination for all your beauty needs. We want to increase our omnichannel presence as we are poised to become a leading force in the Indian beauty industry and a global symbol of inclusivity and innovation,” said Shah.
"RENÉE Cosmetics is on a mission to revolutionise the beauty experience and this funding will help us to come up with a wave of innovative products, catering to every individual's unique expression of beauty. We're not just expanding our shelves, we're building a robust omnichannel presence to make RENÉE accessible to everyone, everywhere. It's more than just convenience; it's about creating a community that celebrates the art of makeup," said Aashka Goradia, Co-founder and Director, RENÉE Cosmetics.
“This investment fuels their vision of becoming a disruptive force by offering a wider range of high-quality products accessible through all channels. We believe RENÉE's growth potential aligns perfectly with our investment strategy, and we're excited to be a part of their journey," said Abhishek Chandra, Managing Director and Ajit Kumar, Managing Partner at Evolvence India.
"RENÉE's focus on product development to build a robust online and offline presence resonates strongly with us. We believe their innovative approach positions them perfectly to become a leading cosmetics brand, offering a wider selection of convenient and high-quality products to a broader audience," said Ashish Agarwal, Managing Director at Edelweiss Discovery Fund.