Indian Make-up brand RENEE cosmetics is aiming to spur further growth into the international markets backed by a fresh round of $25 Million funding. The firm claimed to have breached the ₹100 Cr Annual Recurring Revenue (ARR).
The brand is currently valued at $100 million in a little over two years of operations, which is inclusive of a total of $35 million across three rounds of funding, RENEE Cosmetics said in a statement.
“RENÉE’s relentless focus on brand, omnichannel distribution, and product gives the company an edge for it becoming a disruptive force in the beauty landscape in India. We are excited to partner with Ashutosh, Priyank, and Aashka, all of them who come with a deep experience in this space, to accelerate the company’s already impressive growth trajectory.” Abhishek Chandra, Managing Director, and Ajit Kumar, Managing Partner at Evolvence India, said.
Commenting on RENEE growth strategy, Ashish Agarwal, Managing Partner at Edelweiss Group “We are thrilled to partner with RENÉE Cosmetics. Their products have path-breaking packaging-form innovation that delivers convenience and quality. Under the leadership of Ashutosh, Priyank, and Aashka, RENÉE is well-positioned to become a leading cosmetics brand.”
RENEE Cosmetics breaches ₹100 Cr ARR Mark
RENÉE has already proven to be one of the fastest beauty brands to breach Rs 100 crore ARR mark, and the brand aims to grow 100% quarter-by-quarter. The new Series B funding will further enhance RENEE’s Indian and international growth by allowing the company to develop more products, marketing initiatives, and grow its team.
“With RENEE, our goal has always been to create a quality brand with innovative products that would change the perception towards using beauty products. We want to inspire our consumer’s creative side and help them celebrate their beauty through RENÉE,” said Ashutosh Valani, Co-founder and Director at RENÉE Cosmetics.
“What Aashka, Priyank, and I have learned in over the last two years is that it is less about creating a brand that is simple to use, that is just the table stake, but more about redefining beauty in a way that consumers are open to embracing it. With this round, our priority is to extend our product portfolio to give our consumers the comfort to be at ease with being themselves.”
Aashka Goradia Goble, Co-founder and Director at RENÉE, said, “With our upcoming product portfolio, we want to unveil everyone’s innate layer of beauty. We want RENÉE to be a part of every individual’s journey towards loving themselves more and celebrating their beauty.” Priyank Shah, Co-founder and Director at RENÉE, added, “We want to extend and strengthen our presence and steer RENÉE towards becoming a globally-recognised Indian makeup brand that is relatable and accessible to all, irrespective of the geographical location.”
Renee Cosmetics has raised $25 million in Series B funding round led by Evolvence India. The round also saw participation from Edelweiss Group and existing investors Equanimity and 9Unicorns. The deal was facilitated with the support of Spark Financial Holdings.