Beauty Brand Renee Cosmetics has announced it 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.
What will funds be used for?
The company 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 currently selling products through all leading online channels and 500+ stores in the country.
Who are the founders?
Founded by Aashka Goradia Goble, along with Beardo Co-Founders duo Ashutosh Valani and Priyank Shah, Renee Cosmetics claims to be a cruelty-free beauty brand offering a wide range of eye makeup, lip colours, skin serums and highlighters. 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.
Priyank Shah, Co-founder, Renee Cosmetics said, “We have achieved 400 percent growth this quarter and have set ambitious targets for the brand going forward. This year, we are going to focus on expanding our product catalogue, marketing and increasing our offline presence across the country.”
Ashutosh Valani, Co-Founder, Renee Cosmetics added “We are glad to be backed by such seasoned investors and partners. Our belief is that we can create a new-age cosmetics brand for the Indian consumer powered by innovation.”
Aashka Goradia Goble, Co-Founder, Renee Cosmetics said, “This fundraise will help us expand our expertise into creating and formulating groundbreaking products. We are excited to initiate this next phase of our journey.”
Indian cosmetics market
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 of Rs60 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” said Ananth Narayanan, Founder and CEO of Mensa Brands.
