Equanimity and 9Unicorns lead pre-Series A round in RENEE Cosmetics

RENEE, an Indian makeup and cosmetics brand, has raised $1.5 million in its pre-Series A round led by Equanimity Ventures and 9Unicorns with participation of Titan Capital.

Rajesh Sehgal from Equanimity and Dr. Apoorv Ranjan Sharma from 9Unicorns along with Kunal Bahl and Rohit Bansal from Titan Capital have led this round.

Founded by Ashutosh Valani, Priyank Shah and Aashka Goradia, RENEE claims to create a range of cruelty-free and vegan products in the beauty and cosmetics segment.

Since its inception, the beauty brand has witnessed nearly 30-folds growth in revenue and is currently clocking around 40 crore annual recurring revenue (ARR) and has plans to reach 100 crore ARR by the end of this fiscal year.

With onboarding new partners, the Ahmedabad-based startup will further look to strengthen and expand its presence in offline space as well and aims to have presence in over 1,000 beauty outlets over the upcoming few quarters.