Indian beauty brand Renee Cosmetics raised $25 million in a Series B funding round that values the business at $100 million, led by Evolvence India. This investment brings the total raised to $36.5 million across three funding rounds.
WHO: Founded in 2019 by Aashka Goradia Goble, Ashutosh Valani, and Priyank Shah, Renee Cosmetics is a cruelty-free beauty brand with over 200 products in its beauty and perfume divisions portfolio. The products are sold on the brand's site and across other e-commerce platforms such as Amazon, Flipkart, Nykaa, and Myntra. It has over 650 shop-in-shop stores across the country and also has an online beta presence in the US, UAE, and Australia.
WHY: The funding will further enhance the brand’s presence in India and international markets by enabling it to develop more products and marketing initiatives and grow its team.
IN THEIR OWN WORDS: "With Renee our goal has always been to create a quality brand with innovative products that would change the perception towards using beauty products. With this round, our priority is to extend our product portfolio to give our consumers the comfort to be at ease with being themselves," said Ashutosh Valani, co-founder and Director at Renee Cosmetics.
Aashka Goradia Goble, co-founder and Director at Renee, added, "With our upcoming product portfolio, we want to unveil everyone's innate layer of beauty. We want Renee to be a part of every individual's journey towards loving themselves more and celebrating their beauty."
Priyank Shah, co-founder and Director at Renee, concluded, "We want to extend and strengthen our presence more in-depth and steer Renee towards becoming a globally recognized Indian makeup brand that is relatable and accessible to all irrespective of the geographical location."
"Renee's relentless focus on brand, omnichannel distribution, and product gives the company an edge for becoming a disruptive force in the beauty landscape in India," said Abhishek Chandra, Managing Director at Evolvence India.
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