Funds raised from Mensa brands along with existing Investor
New Delhi, February 11: India’s new-age Beauty Brand RENEE Cosmetics has raised USD 10 Mn in Series A led by Mensa brands. The round also witnessed participation from the existing investors, including Equanimity and 9Unicorns. The brand has raised USD 11 Mn to date, including the current round.
Founded by Aashka Goradia Goble along with Beardo co-Founders duo Ashutosh Valani and Priyank Shah, RENEE Cosmetics is 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 three categories. Ashutosh Valani and Priyank Shah previously founded male grooming brand Beardo which an FMCG major acquired.
Priyank Shah, Co-founder, RENEE Cosmetics, commented on the fundraising, “We have achieved 400% 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. We believe that we can create a new-age cosmetics brand for the Indian consumer powered by innovation.”
Aashka Goradia Goble, Co-founder, RENEE Cosmetics “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.”
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 INR 60 crore and is all set to reach ARR of INR 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. As the colour cosmetics segment rapidly grows over the next few years, I believe that RENEE Cosmetics will emerge as a category leader owing to its innovative products and strong founding team,” said Ananth Narayanan, Founder & CEO of Mensa Brands
RENEE Cosmetics plans to utilise funds majorly to strengthen the brand presence and widen offline presence. Additionally, a part of the fund will also be leveraged for catalogue expansion and marketing budgets. RENEE is currently selling products through all leading online channels and over 500 stores in the country.