Led by Ananth Narayanan’s D2C roll-up unicorn Mensa Brands, Delhi NCR-based D2C beauty brand RENEE Cosmetics has raised USD 10 Mn. In the Series A round, existing investors Equanimity and 9Unicorns too have participated.

The funds will be utilised for catalogue expansion, strengthening the brand’s offline presence and marketing budgets. Including the previous USD 1.5 Mn seed round in October 2021, with this Series A round, it has raised a total of USD 11.5 Mn to date.

RENEE Cosmetics is a beauty brand offering a wide range of eye makeup, lip colours, skin serums and highlighters founded in 2020 by Aashka Goradia Goble, Ashutosh Valani and Priyank Shah.

RENEE is all set to reach an ARR of INR 150 CR by FY23 and at present claims to clock an ARR of INR 60 Cr in FY22. Driven by many market triggers and lifestyle changes the beauty and personal care market is one of India’s fastest-growing segments. The industry is now witnessing a boom due to growing awareness about natural ingredients/chemical-free products, changing perceptions and most importantly, the rise of D2C companies making waves in the online retail space but was traditionally controlled by legacy brands.

According to a report, by 2025, the online beauty and personal care market is estimated to reach USD 5.6 Bn. Mamaearth closed USD 50 Mn in a fresh round in July while SUGAR Cosmetics bagged USD 21 Mn in its Series C round in February 2021. Purplle brought Wipro founder-chiarman Azim Premji on its captable and had raised around USD 49 Mn in its Series D round.