In a significant move aimed at bolstering its market presence and product offerings, Renee Cosmetics has successfully raised Rs 100 crore in a Series B funding round led by Evolvence India and Edelweiss Group. This latest round of funding, which values the company at Rs 1,200-1,400 crore, marks a substantial 60% increase in valuation since its last funding round in December 2022.
Founded by Aashka Goradia Goble, Priyank Shah, and Ashutosh Valani, Renee Cosmetics has swiftly emerged as a frontrunner in the beauty industry, specializing in a diverse range of over 200 beauty and perfume products. These products are not only available on major e-commerce platforms like Amazon, Flipkart, Nykaa, and Myntra but also in 1,200 shop-in-shop stores nationwide.
The infusion of Rs 100 crore in this funding round is poised to fuel Renee’s ambitious expansion plans, particularly in enhancing its omnichannel presence. Currently, about 40% of the company’s revenue comes from offline channels, a segment Renee aims to grow beyond 50% by the year-end. This strategic shift is driven by the belief that customers in the color cosmetics space prefer experiencing products firsthand before making a purchase.
Ashutosh Valani, co-founder and director of Renee Cosmetics, emphasized the company’s strategic focus on product diversification and deeper market penetration. “Our goal is to become a leading force in the Indian beauty industry by offering a comprehensive range of high-quality beauty products accessible through both online platforms and offline retail channels,” said Valani.
Renee Cosmetics anticipates doubling the number of its shop-in-shop stores to approximately 2,400 by the end of this fiscal year, aiming to strengthen its retail footprint across the country. Furthermore, the company is on track to achieve a net revenue of Rs 400 crore by the fiscal year-end and anticipates achieving profitability within the next 18 months.
“This investment not only underscores the confidence of our investors in our vision but also enables us to accelerate our growth trajectory,” noted Priyank Shah, co-founder of Renee Cosmetics. “We are committed to leveraging this funding to introduce innovative products that resonate with our diverse customer base and reinforce Renee’s position as a pioneer in the beauty and personal care segment.”
The Series B funding round also includes participation from existing investors Equanimity Ventures and 9Unicorns (now 100 Unicorns), underscoring their continued support for Renee’s growth initiatives. The company’s steadfast commitment to innovation and customer-centric approach has positioned it as a formidable competitor in the beauty landscape, competing with established brands such as Lakme, Sugar Cosmetics, and MyGlamm.
As Renee Cosmetics embarks on its next phase of growth, the infusion of Rs 100 crore is set to propel the company towards achieving its vision of becoming a globally recognized beauty brand celebrated for its inclusivity, innovation, and commitment to quality.