Renee Cosmetics announced that it has raised $1.5 million in a pre-series A investment round led by Equanimity Ventures and 9Unicorns, with the participation of Titan Capital.

Renee is a cruelty-free cosmetic business founded by Aashka Goradia Goble, Ashutosh Valani, and Priyank Shah. It offers a variety of lip colours, eye makeup, skin serums, cheek tints, and highlighters, among other things. Shah and Valani also founded Beardo, a male grooming brand that was acquired by Marico India, a fast-moving consumer goods firm.

The beauty and cosmetics markets in India have seen a slew of new entrants, the majority of whom are betting on providing digital-first brands and products at cheaper prices than incumbents. Beauty platforms like Nykaa have aided in driving demand and experimenting among younger buyers.

According to Shah, Renee was founded in order to open a convenient and economical business.

“We are ecstatic to be growing Renee to even greater heights after our success with Beardo. From being leaders of the male grooming industry to now grasping the massive market size of the women’s beauty industry, we truly believe we can achieve leaps and bounds with the brand," said Valani.

Renee plans to use the funds generated to increase its distribution reach, with 1,000 beauty retailers planned in the next quarters. It plans to expand its retail presence to include airports and modern trade stores.