Beauty 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 latest round brings the total funding in the company to around $45 million
Speaking on the funding, Priyank Shah, Co-Founder at RENÉE, said the company can introduce a more extensive product portfolio with the new investment as it aims to increase its omnichannel presence.
“We’re not just expanding our shelves, we’re building a robust omnichannel presence to make RENÉE accessible to everyone, everywhere,” said Aashka Goradia, Co-founder & Director, RENÉE.
Founded in 2018 by Aashka Goradia, Priyank Shah, and Ashutosh Valani, the company said it has more than 200 products in its beauty and perfume divisions portfolio, available on Amazon, Flipkart, Nykaa, and Myntra, and others along with over 1,200 shop-in-shop stores across the country. RENÉE also has an online beta presence in the US, UAE, and Australia.
“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,” said Abhishek Chandra, Managing Director and Ajit Kumar, Managing Partner, Evolvence India.
According to the data from Statista, the Indian cosmetics market is expected to reach $6.4 billion in revenue. This is expected to grow at a compound annual growth rate of 2.86 per cent during the forecast period of 2024-2028.
“We believe their (’RENÉE) 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, Edelweiss Discovery Fund.
