New age beauty brand RENEE Cosmetics has raised $25 million in a Series B round led by Evolvence India with participation from Edelweiss Group and existing investors Equanimity and 9Unicorns. This is the second funding round for the Ahmedabad-based D2C startup in 2022.
RENEE will use the proceeds towards India and International expansion, marketing initiatives, and hiring more resources, the company said in a release.
According to the company, it has been valued at around $100 million. RENEE has raised a total funding of $36 million to date across three rounds. Earlier this year, it raised $10 million in Series A led by e-commerce rollup unicorn Mensa Brands.
RENEE Cosmetics is a cruelty-free beauty brand offering a wide range of eye makeup, lip colors, skin serums, and highlighters. These products are available on several e-commerce platforms including Amazon, Flipkart, and Myntra along with over 650 shop-in-shop stores across India.
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.
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.
In June, RENEE Cosmetics said that it 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. The company also claimed that it has a repeat rate of over 25% and has sold over 2 million units with a reach of over 50 million consumers.
According to RENEE’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 a Rs 500 crore revenue company by 2024. The company is yet to file its audited annual report.
RENEE competes with Lakme, Sugar, and MyGlamm, among others.