Tuesday, July 23, 2024

RENÉE Cosmetics Raises Rs 100 Crore in Funding Led by Existing Investors

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Beauty brand RENÉE Cosmetics has raised Rs 100 crore in an extended Series B funding round. This round was led by existing investors, Evolvence India and Edelweiss Group. This new funding boosts RENÉE Cosmetics’ valuation, now estimated to be between Rs 1,300 and 1,400 crore ($155 to $170 million). This marks a 60% increase from its last valuation when the startup raised $25 million in December 2022. So far, RENÉE Cosmetics has raised a total of $46 million across three funding rounds.

About RENÉE Cosmetics

RENÉE Cosmetics was founded by Aashka Goradia Goble, Priyank Shah, and Ashutosh Valani. The brand offers a wide range of beauty products, including eye makeup, lip colors, skin serums, and highlighters. Their products are sold through major e-commerce platforms like Amazon, Flipkart, Nykaa, and Myntra, as well as in over 1,200 shop-in-shop stores across India. Additionally, RENÉE Cosmetics has an online presence in the US, UAE, and Australia, with plans to expand further using the new funds.

Leadership Comments

Ashutosh Valani, one of the founders, stated, “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.”

Co-founder Priyank Shah added, “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.”

Investor Insights

Abhishek Chandra, Managing Director, and Ajit Kumar, Managing Partner at Evolvence India, commented, “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.”

Financial Performance

RENÉE Cosmetics’ total revenue grew by 210% to Rs 100.4 crore in FY23, up from Rs 32.4 crore in FY22. However, the company’s losses also increased by 340% to Rs 32.6 crore during the same period. Despite the rise in losses, the company is optimistic about its future growth, aiming to reach Rs 500 crore in revenue by 2024. RENÉE competes with established beauty brands like Lakmé and startups such as Sugar Cosmetics and MyGlamm.

RENÉE Cosmetics‘ recent funding round not only increases its valuation but also sets the stage for significant growth and expansion in the beauty industry.

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