Update: RENEE Cosmetics raises Rs 100 Cr

Update: RENÉE Cosmetics, a new-age beauty brand, announced that it has raised INR 100 cr (around $12 million) in its extended Series B round led by existing investors Evolvence India and Edelweiss Group. The current funds were raised at a valuation of Rs 1,200-1400 crore.

Original story follows:

Beauty brand RENEE Cosmetics is all set to mop up a new round led by existing investors, sources aware of the development told Entrackr.

“Evolvence and Edelweiss are in the last leg of putting Rs 100 crore in Renee. The terms of the deal have been finalized and a formal announcement is likely to be out later this month,” said one of the sources requesting anonymity as discussions are private.

In December 2022, RENEE scooped up $25 million in a Series B round led by Evolvence India with participation from Edelweiss Group and existing investors Equanimity and 9Unicorns (now 100 Unicorns). It has raised a total funding of $46 million to date across three rounds.

As per sources, RENEE will be valued at around Rs 1,300-1,400 crore ($155-170 million) post money. This will be around 60% premium from its last valuation when the firm raised $100 million in Series B.

Founded by Aashka Goradia Goble along with Beardo co-founders Priyank Shah and Ashutosh Valani, RENEE offers a wide range of eye makeup, lip colors, skin serums, and highlighters. Apart from selling on third-party e-commerce and quick commerce platforms, the firm also has presence over 650 shop-in-shop stores across India.

Queries sent to RENEE, Evolvence and Edelweiss did not elicit any response until publication of the story.

As per startup data intelligence platform TheKredible, Valani and Shah control 18.54% stake each in the company while Goble 17.52% stake as of Series B round. Among the external investors, Evolvence has more than 11% holding in the company.

RENEE’s total revenue grew 3.1X to Rs 100.4 crore in FY23 from Rs 32.4 crore in FY22 whereas its losses also spiked 4.4X to Rs 32.6 crore during the same period. The firm claims to touch Rs 500 crore revenue threshold by 2024. It is yet to file its audited financial report for FY24.

RENEE competes with conventional beauty brands like Lakme, as well as startups such as Sugar Cosmetics and MyGlamm, among others.

Update: The headline and story have been updated to include additional information from RENEE's official press release.