RENÉE Cosmetics, a leading name in the Indian beauty industry, has successfully raised ₹100 crore in an extended Series B funding round. The round was led by existing investors Evolvence India and Edelweiss Group, further solidifying RENÉE’s position as a rapidly growing brand.
Boost in Valuation
This fresh infusion of capital has significantly boosted RENÉE Cosmetics’ valuation, now estimated to be between ₹1,300 and ₹1,400 crore (approximately $155 to $170 million). This marks a 60% increase from its previous valuation when the startup secured $25 million in December 2022. To date, RENÉE Cosmetics has raised a total of $46 million across three funding rounds.
RENÉE Cosmetics: A Beauty Powerhouse
Founded by Aashka Goradia Goble, Priyank Shah, and Ashutosh Valani, RENÉE Cosmetics offers a diverse and innovative range of beauty products. Their offerings include eye makeup, lip colors, skin serums, and highlighters, catering to the modern beauty enthusiast.
The brand’s products are available on major e-commerce platforms like Amazon, Flipkart, Nykaa, and Myntra. Additionally, RENÉE has established a strong offline presence with over 1,200 shop-in-shop stores across India. The company is also making strides in the global market, with a beta online presence in the US, UAE, and Australia, and plans for further international expansion fueled by the new funding.
Leadership Insights
Ashutosh Valani, co-founder of RENÉE Cosmetics, emphasized the brand’s commitment to innovation, stating, “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.”
Priyank Shah, another co-founder, 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 Confidence
Abhishek Chandra, Managing Director, and Ajit Kumar, Managing Partner at Evolvence India, expressed their confidence in RENÉE’s growth trajectory. “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,” they stated.
Financial Performance and Future Outlook
RENÉE Cosmetics has shown impressive growth, with total revenue increasing by 210% to ₹100.4 crore in FY23, up from ₹32.4 crore in FY22. However, the company’s losses also grew by 340% to ₹32.6 crore during the same period. Despite this, RENÉE remains optimistic about its future, aiming to achieve ₹500 crore in revenue by 2024.
Competing with established brands like Lakmé and emerging startups such as Sugar Cosmetics and MyGlamm, RENÉE Cosmetics is positioning itself as a formidable player in both the Indian and global beauty markets.
