Renee Cosmetics raised $1.5 million in pre-Series A round led by Equanimity Ventures and 9Unicorns, with participation from Titan Capital.
WHO: Founded by actress Aashka Goradia along with Ashutosh Valani and Priyank Shah, Renee Cosmetics is an affordable cruelty-free Indian makeup brand with a range of lip colors, eye makeup, skin serums, cheek tints, and highlighters.
WHY: The brand will use the capital to strengthen its ability to innovate, retain, and grow its digital hold and expand its offline presence.
IN THEIR OWN WORDS: Commenting on the investment, Aashka Goradia Goble, Director and co-founder, Renee Cosmetics, said, "To be able to solve the daily needs of the modern Indian woman and bring together key necessities is something I have always wanted to achieve. We have successfully managed to do this through our multiple unique releases and are excited to bring a lot more experiences in the world of makeup. The journey has only just begun, and as we welcome our new partners, we're excited to make professional makeup easy for the everyday woman with newer formulations, colors, and channels."
Apoorva Ranjan Sharma from 9Unicorns said, "Ashutosh and Priyank have proven their mettle in building successful brands. Their experience, along with Aashka's vision, knowledge, and leadership style, is sure to lead Renee to even greater heights of innovation and success. We are delighted to join hands with the team and are looking forward to the revolution that Renee will bring to the world of beauty."
Rajesh Sehgal from Equanimity Ventures said, "Renee is an innovative approach to beauty cosmetics offering women new-age makeup products with quality, variety, and class. The founding team of Aashka, Ashutosh, and Priyank is a true blend of understanding the beauty and world-class business processes. Equanimity is delighted to partner with Renee on this fabulous journey of beautifying Indian women and allowing them to express themselves like never before."
Commenting on the vision ahead, Ashutosh Valani, Renee Cosmetics co-founder and Director, said, "We are ecstatic to be growing Renee to even greater heights after our success with Beardo. From being leaders of the male grooming industry to now grasping the massive market size of the women's beauty industry, we truly believe we can achieve leaps and bounds with the brand. We're here to lead with innovation and newness in an otherwise saturated industry, and as we grow, our products will continue being testament to that."
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