RENÉE Cosmetics, a beauty startup care brand has raised Rs.100 crore in its Series B round of funding. Its existing investors include Evolvence and Edelweiss Group. The company has raised Rs 1200 to Rs 1400 crore. According to Outlook Businesss+Money, the firm has grown by 60%, from the December 2022 valuation of Rs 850 crores.
Established by Aashka Goradia, Priyank Shah, and Ashutosh Valani, the company offers over 200 products in beauty and perfume. RENÉE Cosmetics is available e-commerce platforms such as Amazon, Flipkart, Nykaa, and Myntra. RENÉE Cosmetics has 1200 stores nationwide. The company has an online presence in the USA, UAE, and Australia.
“With this investment, we can introduce a more extensive product portfolio, making RENÉE Cosmetics 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 Priyank Shah.
“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 it 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.
The firm claims to touch Rs 500 crore revenue threshold by 2024. It is yet to file its audited financial report for FY24. The firm competes with brands like Lakme, Sugar Cosmetics and MyGlamm, among others. “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.
