RENÉE Cosmetics Raises $25 Million In Series B Funding Led By Evolvence India RENÉE Cosmetics announced that in a round led by Evolvence India, through a deal facilitated with the support of Spark Financial Holdings, they have raised $25 million in Series B funding.
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
RENÉE Cosmetics announced that in a round led by Evolvence India (with Edelweiss Group and existing investors Equanimity and 9Unicorns) through a deal facilitated with the support of Spark Financial Holdings, they have raised $25 million in Series B funding. This also leads to creating a 100 million valuation for the brand in only a bit over two years of operations; this is inclusive of a total of $35 million across three rounds of funding.
"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. What Aashka, Priyank, and I have learned in the last over 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," said Ashutosh Valani, Co-Founder and Director at RENÉE.
Aashka Goradia Goble, Co-Founder and Director at RENÉE, added, "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, concluded, "We want to extend and strengthen our presence more in-depth and steer RENÉE towards becoming a globally recognized Indian makeup brand that is relatable and accessible to all irrespective of the geographical location."
Speaking on the investment, Abhishek Chandra, Managing Director and Ajit Kumar, Managing Partner at Evolvence India, said, "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."
Since commencing its post-pandemic operations, RENÉE Cosmetics today has over 200 products in its beauty and perfume divisions portfolio. These products are available on RENÉE's website and across major e-commerce platforms such as Amazon, Flipkart, Nykaa, and Myntra, with several others, and also 650+ shop-in-shop stores across the country; additionally, they also have an online beta presence in the US, UAE, and Australia.
