 "RENEE Cosmetics")
Beauty brand RENEE Cosmetics has raised $10 million in Series A led by Mensa brands. The round also witnessed participation from the existing investors including Equanimity and 9Unicorns. The brand has raised a total of $11 million till date, including the current round.
Founded by Aashka Goradia Goble along with Beardo co-Founders duo Ashutosh Valani and Priyank Shah, RENEE Cosmetics said it is a cruelty-free beauty brand offering a wide range of eye makeup, lip colours, skin serums and highlighters.
RENEE Cosmetics plans on utilising funds majorly in strengthening the brand presence and widening offline presence. Additionally, a part of the fund will also be leveraged for catalogue expansion and marketing budgets. RENEE is selling products through all leading online channels and over 500 stores in the country.
“We have achieved 400 per cent growth this quarter and have set ambitious targets for the brand going forward,” said Priyank Shah, co-founder, RENEE Cosmetics commented on the fundraising. “This year, we are going to focus on expanding our product catalogue, marketing and increasing our offline presence across the country.”
The brand has been launching back-to-back innovative products, and today boasts a portfolio of about 30 products across 3 categories. Ashutosh Valani, and Priyank Shah previously founded male grooming brand Beardo, which was acquired by FMCG major.
“Our belief is that we can create a new-age cosmetics brand for the Indian consumer powered by innovation,” said Ashutosh Valani, co-founder, RENEE Cosmetics.
Aashka Goradia Goble, Co-founder, RENEE Cosmetics said this fundraise will help the firm expand its expertise into creating and formulating groundbreaking products.
The Indian Cosmetics Market was valued at about $13 billion in FY20 and expected to touch $29 billion in FY26. At present, the beauty brand claims to clock ARR (annual recurring revenue) of Rs 60 crore and is all set to reach ARR of Rs 150 Crore by the end of this fiscal year.
“RENEE Cosmetics has established a unique positioning and garnered customer love in the competitive beauty market. As the colour cosmetics segment rapidly grows over the next few years, I believe that RENEE Cosmetics will emerge as a category leader owing to its innovative products and strong founding team,” said Ananth Narayanan, founder and CEO of Mensa Brands.
