RENÉE Cosmetics raises $30 Mn in Series C at $200 Mn valuation

Direct to consumer beauty brand RENÉE Cosmetics has raised $30 million in a Series C funding round led by Playbook with secondary investment from Midas.

According to RENÉE, the fresh funding values the company at $200 million, a 1.4X jump from its $12 million extended Series B round in June last year. Entrackr exclusively reported the development then.

The company did not provide further details on the secondary transaction.

RENÉE Cosmetics has a portfolio of over more than 200 SKUs and with this fresh capital, the brand plans to expand its product portfolio, scale omnichannel presence across tier I and tier II cities and invest further in technology and brand-building initiatives.

Founded by Aashka Goradia Goble in collaboration with Beardo co-founders Priyank Shah and Ashutosh Valani, RENEE sells eye makeup, lip colors, skin serums, and highlighters. In addition to third-party e-commerce and quick commerce platforms, the brand is available in over 15,000 outlets across India.

The company is expanding globally with a beta online presence in the US, UAE, and Australia.

“This capital further gives us the firepower to scale our marketing engine, optimize consumer acquisition costs, and drive better conversion across both D2C and marketplace platforms. We’ve already achieved an annual revenue run rate (ARR) of Rs 500 crore and are confident of doubling this to Rs 1,000 crore in the next two years,” said Ashutosh Valani, Co-founder of RENÉE Cosmetics.

According to TheKredible, RENÉE has raised around $76 million to date from investors, including Evolvence India, Edelweiss Group, Equanimity Ventures, and 100Unicorns.

For the fiscal year ending in March 2024, RENÉE Cosmetics’s revenue from operations surged to Rs 191.65 crore in contrast to Rs 97.15 crore in FY23.  Its losses went up 88.2% to Rs 61.45 crore during the period.

While the company has yet to file its annual report for FY25, it claims to have grown nearly 3X in the past 18 months, citing strong consumer adoption, omnichannel expansion, and innovation-led product launches.

For background, Valani and Shah are Ahmedabad-based serial entrepreneurs who previously sold the men’s grooming brand Beardo to Marico in a deal worth Rs 350 crore in July 2020 and the perfume brand Villain to Mensa in October 2021.