July 15, 2024: Beauty make up brand RENEE Cosmetics has chalked out an aggressive growth plan. To augment this strategy, it has secured Rs 100 crore (around $12 million) in its Series B round at a valuation of Rs 1,200-1,400 crore.
Speaking about the impact from this fresh investment round Ashutosh Valani, Co-founder and Director at RENÉE said “Our goal is to set new industry standards and create a positive impact on our customers and the beauty industry. This funding round will enable us to push the boundaries of beauty innovation and reach new heights in delivering products that encourage and celebrate diverse beauty.”
Priyank Shah, Co-founder at RENÉE stated “With this investment, we can introduce a more extensive product portfolio, making RENÉE a one-stop destination for all your beauty needs. We want to increase our omnichannel presence as we are poised to become a leading force in the Indian beauty industry and a global symbol of inclusivity and innovation.”
RENEE to invest in building new make up line
“This investment fuels their vision of becoming a disruptive force by offering a wider range of high-quality products accessible through all channels. We believe RENÉE’s growth potential aligns perfectly with our investment strategy, and we’re excited to be a part of their journey.” Evolvence India’s Managing Director Abhishek Chandra and Managing Partner Ajit Kumar, said.
Ahmedabad-based firm has over 200 products in its beauty and perfume divisions line. These makeup brands are available on RENÉE’s website and through ecommerce platforms such as Amazon, Flipkart, Nykaa, and Myntra, among others, and in 1,200+ shop-in-shop stores across the country. In the US, the UAE, and Australia the company has online beta presence.
The cosmetic brand valuation jumped to 60% with this fresh capital infusion from earlier valuation of $100 million (around Rs 850 crore) in December 2020 when it secured $25 million, the company said in a release. To date, the RENÉE has raised about $45 million in total.
The latest round was led by existing investors Evolvence India and Edelweiss Group.
