RENEE Cosmetics, a beauty company headquartered in Ahmedabad, has raised $25 million in a fresh round of funding, valued at $100 million post-money. Evolvence India was the lead investor in the Series B round, including Edelweiss Group and RENEE Cosmetics’ current backers Equanimity and 9Unicorns. The transaction was made possible in part by Spark Financial Holdings.
About Renee Cosmetics
An Indian cosmetics and makeup firm called RENÉE produces a variety of vegan and cruelty-free goods that honour the spirit of the contemporary woman. It seeks to develop a brand and a conviction to empower women with unrivalled style, colour, and quality.
Founders and Team
The co-founders of renee brand are Ashutosh Valani, Priyank Shah, and Aashka Goradia Goble. Beardo, Priyank, and Ashutosh’s previous businesses were the first to corner the male grooming market successfully. With RENÉE, they sought to compete in a crowded industry desperate for innovation while also entering and experiencing a brand-new category and serving Indian women.
RENÉE now employs a team of 50 people and several other partners supporting the business’s various operations, from production to marketing.
With RENÉE, the goal is to introduce something fresh to a market that is oversaturated with options yet lacking innovation. If there was ever a time to take advantage of the exponential growth of the cosmetics sector and develop goods that have never been seen before to appeal to the good market, it is now.
RENEE makeup offers goods that are simple to use, distinctive, and especially made with its target audience in mind. Some examples include the Fab 5 Lipstick, Natural 3D Eyelashes, and RENÉE’s newest product, the Dual-Chamber Day & Night Serum.
Information on Investment
The firm claims that the raised funding would accelerate its ongoing domestic and global expansion by enabling the business to create additional products, launch new marketing campaigns, and expand its workforce. According to the company, RENÉE is one of the fastest beauty brands to surpass the Rs 100 crore ARR milestone and plans to grow by 100% every three months.
With RENEE, our goal has always been to develop a high-quality brand with cutting-edge goods that will alter people’s perceptions of using cosmetics. Ashutosh Valani, Co-Founder and Director of RENÉE, stated they want to encourage our consumers’ creative side and let them enjoy their beauty with RENÉE.
Abhishek Chandra, the managing director, and Ajit Kumar, the managing partner at Evolvence India, commented on the investment by saying that RENÉE has an advantage due to its unwavering focus on brand, omni-channel distribution, and products. They are thrilled to collaborate with Ashutosh, Priyank, and Aashka to boost the business’s excellent growth trajectory because they all have extensive industry experience.
The Renee cosmetics brand is present in more than 650 shop-in-shop locations nationwide, in addition to e-commerce sites like Amazon, Nykaa, Flipkart, and Myntra. It also has a beta online presence in the US, UAE, and Australia.