RENÉE Cosmetics raises $25 million in a Series B funding round led by Evolvence India, with participation from Edelweiss Group and existing investors — Equanimity and 9Unicorn. The deal has been facilitated by Spark Financial Holdings.
It aims to build its mission of making RENEE Cosmetics a globally recognized Indian beauty brand.
The round has valued the startup at $100 Mn, achieved over two years of operations. It has raised a total funding of $35 Mn to date across the three funding rounds.
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, and marketing initiatives and grow its team; RENÉE has already proven to be one of the fastest beauty brands to breach the INR 100 Cr ARR mark in revenue, and the brand aims to grow 100% quarter by quarter.
Ashutosh Valani, Co-Founder and Director at RENÉE, 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.”
He added, “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, said, “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, said, “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.”
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, said, “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.”