New age beauty brand RENEE Cosmetics has breached the Rs 100 crore annual run rate or revenue run rate within 20 months after the Ahmedabad-based startup restarted its operations post Covid in 2020.
According to the company’s co-founder Ashutosh Valani, the firm is spearheading to reach the Rs 200 crore mark by the end of 2023 and is aiming to become Rs 500 crore revenue company by 2024.
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.
With a prominent presence at popular malls, stores, and airports, RENEE has also garnered a huge demand in the overseas market and it’s set to start exporting products to UAE and add more countries. The company claims that it has a repeat rate of over 25% and has sold over 2 million units with a reach of over 50 million consumers.
Founded by Aashka Goradia Goble along with Beardo co-founders Priyank Shah and Valani, the company further said that it has been able to keep its expenses under control and aims to touch profitability in the next quarter.
Earlier this year, RENEE had raised $10 million in Series A led by e-commerce rollup unicorn Mensa brands. The company has raised around $11 million to date from investors including Equanimity and 9Unicorns.
RENEE competes with Lakme, Sugar and MyGlamm.