- Funding round led by existing investors Evolvence India and Edelweiss Group
- RENÉE has already become one of the fastest beauty brands to surpass the Rs 350 crore ARR threshold in revenue, and the business intends to expand further
- RENÉE Cosmetics has over 200 products in its beauty and perfume divisions portfolio
NE BUSINESS BUREAU
AHMEDABAD, JUNE 14
RENÉE Cosmetics, a new-age beauty brand, on Friday announced that it has raised Rs 100 cr (around $12 million) in its Series B round led by existing investors Evolvence India and Edelweiss Group. The current funds were raised at a valuation of Rs 1200 – 1400 cr.
RENÉE has already become one of the fastest beauty brands to surpass the Rs 350 crore ARR threshold in revenue, and the business intends to expand further. With this fundraise the company’s valuation has been increased by 60% from the previous round of $25 million (December 2022) at a valuation of $100 million which is approx. INR 850 Cr. Through all rounds to date, it has raised about $45 million in total.
“We are incredibly excited about the confidence our investors have shown in our vision. Our goal is to set new industry standards and create a positive impact on our customers and the beauty industry.” said Ashutosh Valani, Co-Founder and Director at RENÉE, “This funding round will enable us to push the boundaries of beauty innovation and reach new heights in delivering products that encourage and celebrate diverse beauty.”
Priyank Shah, Co-Founder at RENÉE, says, “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.”
Aashka Goradia, Co-founder & Director said, “RENÉE Cosmetics is on a mission to revolutionize 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
Speaking on the investment, Abhishek Chandra, Managing Director and Ajit Kumar, Managing Partner at Evolvence India, said, “We’re impressed by RENÉE’s dedication to innovation across its product line and its commitment towards building a strong omnichannel presence. 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.”
Ashish Agarwal, Managing Director at Edelweiss Discovery Fund, further added, ‘’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.
During our association with Renee, we have seen strong execution by Renee’s founders and leadership team. We are confident that the Team Renee will continue to capitalize on the attractive growth opportunity of India’s beauty market to create a strong market position.”
RENÉE Cosmetics 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 1200+ shop-in-shop stores across the country; additionally, they also have an online beta presence in the US, UAE, and Australia.
