Cruelty-free makeup brand, RENÉE Cosmetics, raised ₹100 crore in a Series B funding round led by existing investors Evolvence India and Edelweiss Group. The current funds were raised at a valuation of ₹1200-1400 crore.
According to the company, RENÉE has surpassed the ₹350 crore annual recurring revenue (ARR) threshold and intends to expand further. With this latest fundraising, the company’s valuation has been increased 60 per cent from the previous round of $25 million (December 2022) at a valuation of $100 million which is approximately ₹850 crore. Through all rounds to date, it has raised about $45 million in total.
Priyank Shah, Co-Founder at RENÉE, said, “With this investment, we can introduce a more extensive product portfolio, making RENÉE a one-stop destination for all your beauty needs. We want to increase our omnichannel presence as we are poised to become a leading force in the Indian beauty industry and a global symbol of inclusivity and innovation.”
RENÉE Cosmetics has over 200 products in its beauty and perfume divisions portfolio. These products are available on RENÉE’s website and across major e-commerce platforms such as Amazon, Flipkart, Nykaa, and Myntra, as well as 1200 shop-in-shop stores across the country. Additionally, RENÉE also has an online beta presence in the US, UAE, and Australia.
Abhishek Chandra, Managing Director, and Ajit Kumar, Managing Partner at Evolvence India, said, “We’re impressed by RENÉE’s dedication to innovation across its product line and its commitment towards building a strong omnichannel presence. This investment fuels their vision of becoming a disruptive force by offering a wider range of high-quality products accessible through all channels.”
(Inputs from bl intern Vidushi Nautiyal)