RENEE Cosmetics Raises INR 100 Cr in Series B Round Through all rounds to date, the Ahmedabad-based beauty brand has raised about USD 45 million in total.
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Makeup brand RENEE Cosmetics announced that it has raised INR 100 crore (around USD 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 INR 1200–1400 crore.
According to the official release, with this fundraise, the company's valuation has increased by 60% from the previous round of USD 25 million (December 2022) to a valuation of USD 100 million, which is approximately INR 850 crore. Through all rounds to date, it has raised about USD 45 million in total.
Ashutosh Valani, Co-founder and Director at RENEE, said, "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."
"With this investment, we can introduce a more extensive product portfolio, making RENEE 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," Priyank Shah, Co-founder at RENEE, added.
Founded in 2019 by Aashka Goradia Goble along with Beardo co-founders Priyank Shah and Ashutosh Valani, RENEE offers a wide range of eye makeup, lip colors, skin serums, and highlighters.
It claims to have over 200 products in its beauty and perfume divisions portfolio. These products are available on its website and across major e-commerce platforms such as Amazon, Flipkart, Nykaa, and Myntra, among several others, as well as 1200+ shop-in-shop stores across the country. They also have an online beta presence in the US, UAE, and Australia.
Aashka Goradia, Co-founder and Director, RENEE, said, "We're not just expanding our shelves; we're building a robust omnichannel presence to make RENEE accessible to everyone, everywhere. It's more than just convenience; it's about creating a community that celebrates the art of makeup."
"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 RENEE's growth potential aligns perfectly with our investment strategy," said Abhishek Chandra, Managing Director, and Ajit Kumar, Managing Partner at Evolvence India.
