Cosmetic brand RENEE Cosmetics scoops up Rs.100 crore in extended Series B round
RENÉE Cosmetics, a renowned beauty brand, has successfully secured Rs 100 crore in an extended Series B funding round. This significant achievement was made possible through the support and investment of esteemed existing investors, Evolvence India and Edelweiss Group.
The recent investment has significantly increased the valuation of RENÉE Cosmetics, now ranging between Rs 1,300 and 1,400 crore or $155 and $170 million. This new valuation reflects a 60% premium compared to the previous valuation when the company secured $25 million in funding back in December 2022. RENÉE Cosmetics has accumulated a total funding of $46 million through three funding rounds.
RENÉE Cosmetics, established by Aashka Goradia Goble, Priyank Shah, and Ashutosh Valani, presents a wide array of offerings encompassing eye makeup, lip shades, skin serums, and highlighters.
The company distributes its merchandise via leading online retail platforms such as Amazon, Flipkart, Nykaa, and Myntra, in addition to operating more than 1,200 shop-in-shop outlets throughout India.
Furthermore, the company also maintains an online beta presence in the United States, United Arab Emirates, and Australia. It aims to broaden its product portfolio and market reach through the utilization of the new funding.
Co-founder of the brand Ashutosh Valani, expressed his delight saying,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."
Another co-founder Priyank Shah, added,"By investing in this opportunity, we have the potential to expand our product range significantly, positioning RENÉE as the ultimate destination for all beauty essentials. Our goal is to enhance our presence across various channels as we strive to establish ourselves as a key player in the Indian beauty sector and a worldwide icon representing diversity and creativity."
RENÉE saw a 210% increase in total revenue to Rs 100.4 crore in FY23, but also experienced a 340% surge in losses to Rs 32.6 crore. Despite this, the company remains optimistic and aims to reach Rs 500 crore in revenue by 2024. RENÉE faces competition from established brands like Lakmé and emerging startups like Sugar Cosmetics and MyGlamm.
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The recent investment has significantly increased the valuation of RENÉE Cosmetics, now ranging between Rs 1,300 and 1,400 crore or $155 and $170 million. This new valuation reflects a 60% premium compared to the previous valuation when the company secured $25 million in funding back in December 2022. RENÉE Cosmetics has accumulated a total funding of $46 million through three funding rounds.
RENÉE Cosmetics, established by Aashka Goradia Goble, Priyank Shah, and Ashutosh Valani, presents a wide array of offerings encompassing eye makeup, lip shades, skin serums, and highlighters.
The company distributes its merchandise via leading online retail platforms such as Amazon, Flipkart, Nykaa, and Myntra, in addition to operating more than 1,200 shop-in-shop outlets throughout India.
Furthermore, the company also maintains an online beta presence in the United States, United Arab Emirates, and Australia. It aims to broaden its product portfolio and market reach through the utilization of the new funding.
Co-founder of the brand Ashutosh Valani, expressed his delight saying,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."
Another co-founder Priyank Shah, added,"By investing in this opportunity, we have the potential to expand our product range significantly, positioning RENÉE as the ultimate destination for all beauty essentials. Our goal is to enhance our presence across various channels as we strive to establish ourselves as a key player in the Indian beauty sector and a worldwide icon representing diversity and creativity."
RENÉE saw a 210% increase in total revenue to Rs 100.4 crore in FY23, but also experienced a 340% surge in losses to Rs 32.6 crore. Despite this, the company remains optimistic and aims to reach Rs 500 crore in revenue by 2024. RENÉE faces competition from established brands like Lakmé and emerging startups like Sugar Cosmetics and MyGlamm.
