New-age beauty brand RENEE Cosmetics has raised $10 million in its Series A round led by Mensa brands. Existing investors including Equanimity and 9Unicorns have also joined the new round.
The brand has raised a total of $11.5 million till date, including the current round.
The Ahmedabad-based startup plans on utilising funds majorly in strengthening the brand presence and widening offline presence. Additionally, a part of the fund will also be leveraged for catalog expansion and marketing budgets
Founded by Aashka Goradia Goble along with Beardo co-founders Ashutosh Valani and Priyank Shah, RENEE Cosmetics is a cruelty-free beauty brand offering a wide range of eye makeup, lip colours, skin serums and highlighters.
Currently the beauty brand sells products through all leading online channels and over 500 stores in the country. It claims to clock an ARR of Rs 60 crore and is all set to reach an ARR of Rs 150 Crore by the end of this fiscal year.
Last year, RENEE had closed its pre-Series A round of $1.5 million led by Equanimity Ventures and 9Unicorns with participation of Titan Capital.