RENÉE Cosmetics, a rising star in the beauty industry, has successfully raised Rs 100 crore (approximately $12 million) in its Series B funding round. This significant investment was led by existing investors, Evolvence India and Edelweiss Group, and marks a 60% increase in the company’s valuation, which now stands between Rs 1,200 and 1,400 crore.
Founded in 2018 by Aashka Goradia, Priyank Shah, and Ashutosh Valani, RENÉE Cosmetics has quickly established itself as a formidable player in the beauty sector. The company boasts a diverse portfolio of over 200 products across its beauty and perfume divisions. These products are widely available on major e-commerce platforms such as Amazon, Flipkart, Nykaa, and Myntra, in addition to being present in over 1,200 shop-in-shop stores across India.
This latest funding round brings the total investment in RENÉE Cosmetics to approximately $45 million. The previous round in December 2022 raised $25 million, with the company’s valuation pegged around Rs 850 crore ($100 million).
The funds from this round will be pivotal in driving RENÉE’s expansion and innovation strategies. Abhishek Chandra, Managing Director, and Ajit Kumar, Managing Partner at Evolvence India, expressed their confidence in RENÉE’s potential. “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,” they stated.
Ashish Agarwal, Managing Director of Edelweiss Discovery Fund, echoed this sentiment, highlighting the brand’s innovative approach. “We believe RENÉE’s innovative approach positions them perfectly to become a leading cosmetics brand, offering a wider selection of convenient and high-quality products to a broader audience,” he said.
RENÉE’s impressive growth comes at a time when the Indian cosmetics market is on the rise. According to Statista, the market is expected to reach $6.4 billion in revenue, growing at a compound annual growth rate of 2.86% from 2024 to 2028. This favourable market trend underscores the potential for RENÉE Cosmetics to capture a larger market share and expand its footprint further.
In addition to its robust presence in India, RENÉE has also initiated its online beta presence in international markets, including the US, UAE, and Australia. This strategic move is expected to pave the way for further global expansion.
With its innovative products and strategic investments, RENÉE Cosmetics is well-positioned to become a leading name in the global beauty industry.
