India’s D2C beauty brand RENÉE Cosmetics has raised $25 million in a Series B funding round led by Evolvence India. Edelweiss Group and existing investors also participated in this funding round. The funding also puts the company’s valuation at $100 million.
With this funding, the company wants to make RENÉE Cosmetics a globally-recognized Indian beauty brand. The company will work on developing more products, growing its team, and marketing the brand.
Abhishek Chandra, Managing Director, and Ajit Kumar, Managing Partner at Evolvence India, said, “RENÉE’s relentless focus on brand, omnichannel distribution, and product gives the company an edge for it becoming a disruptive force in the beauty landscape in India. We are excited to partner with Ashutosh, Priyank, and Aashka, all of them who come with a deep experience in this space, to accelerate the company’s already impressive growth trajectory.”
RENÉE Cosmetics was founded by Aashka Goradia, Ashutosh Naginbhai Valani, and Priyank Shah in 2019. The company has raised $35 million to date. It also has over 200 products in its beauty and perfume categories. The company sells these products from its official website, major e-commerce platforms, and more than 650 shop-in-shop stores across the country. RENÉE Cosmetics also has a presence in US, UAE, and Australia.
As per a report by Avendus Capital, India’s online beauty and personal care segment are expected to reach $4.4 billion by FY25. So, the company has a big market to cater to and good opportunities.
