RENEE Cosmetics Mops Up $30 Mn At $200 Mn Valuation

Direct-to-consumer beauty brand Renee Cosmetics has raised $30 Mn (around INR 263 Cr) in its Series C funding round at a valuation of $200 Mn (around INR 1,755 Cr). 

The round, a mix of primary and secondary investments, was led by Playbook with secondaries from Midas. 

The recent funding saw an almost 50% uptick in the startup’s valuation after RENEE last raised $12 Mn in its Series B1 funding round at a valuation of INR 1200-1,400 Cr last year. 

With the freshly raised funds, the startup plans to expand its product portfolio, scale omnichannel presence across tier I and II cities and further invest in technology and brand-building initiatives.

“This capital further gives us the firepower to scale our marketing engine, optimise consumer acquisition costs and drive better conversion across both D2C and marketplace platforms. We’ve already achieved an annual revenue run rate (ARR) of INR 500 Cr and are confident of doubling this to INR 1,000 Cr in the next two years,” said RENEE Cosmetics cofounder Ashutosh Valani. 

Founded in 2018 by Aashka Goradia Goble, along with Beardo cofounders Valani and Priyank Shah, RENEE Cosmetics offers an array of products around eye makeup, lip colours, skin serums and highlighters. 

The startup sells its products online and offline, as well as through quick commerce apps. RENEE Cosmetics claims to have a presence in 15,000 outlets and has more than 200 stock keeping units (SKUs) in its beauty and perfume portfolio. 

The startup says that it is expanding globally with a beta online presence in the US, UAE, and Australia.

The fresh funds are further aimed at accelerating offline expansion, product development, and customer experience.

“With this round, we plan to build a scalable distribution engine, strengthen retail presence in untapped locations, and ensure consistent brand experience on-ground. Offline will be key to our next phase of sustainable growth,” said Shah. 

RENEE Cosmetics last raised INR 100 Cr in an extended Series B round co-led by existing backers Evolvence India and Edelweiss Group.

In 2022, RENEE secured $25 Mn in its Series B funding round led by Evolvence India, along with participation from Edelweiss Group, Equanimity and 100Unicorns. In the same year, it raised $10 Mn in its Series A funding round led by Ananth Narayanan’s D2C roll-up unicorn Mensa Brands as well as Equanimity and 100Unicorns

It competes against the likes of  Sugar Cosmetics, MyGlamm and Tira, among others in the beauty segment. 

Last month, Beauty and personal care D2C brand Sugar Cosmetics raised INR 40.99 Cr led by existing investor Anicut Capital.