Renee Cosmetics Raises Rs 100 Crore in Series B Funding, Aiming to Expand Product Portfolio and Strengthen Omnichannel Presence

Mumbai, June 15, 2024 — New-age beauty brand Renee Cosmetics has successfully raised Rs 100 crore in its Series B funding round, led by existing investors Evolvence India and Edelweiss Group. This latest funding round values the company at Rs 1,200-1,400 crore ($150-170 million), reflecting a 60% increase from its previous valuation of $100 million in December 2022. 

To date, Renee Cosmetics has raised approximately $45 million in total. The company aims to utilize the new investment to expand its product portfolio and enhance its omnichannel presence, solidifying its position as a comprehensive platform for all beauty needs.

“This funding round will enable us to push the boundaries of beauty innovation and reach new heights in delivering products that encourage and celebrate diverse beauty,” stated Ashutosh Valani, cofounder and director of Renee Cosmetics.

Founded by Aashka Goradia Goble, along with Priyank Shah and Ashutosh Valani—who are also the cofounders of men’s grooming company Beardo—Renee Cosmetics offers a wide range of skincare, makeup, and fragrance products. The company boasts a portfolio of 200 products, available on its website and major e-commerce platforms, including Amazon, Flipkart, Nykaa, and Myntra. Additionally, Renee products are available in over 1,200 shop-in-shop stores nationwide.

“Renee's focus on product development to build a robust online and offline presence resonates strongly with us. We believe their innovative approach positions them perfectly to become a leading cosmetics brand, offering a wider selection of convenient and high-quality products to a broader audience,” said Ashish Agarwal, managing director at Edelweiss Discovery Fund.

Renee Cosmetics competes with other prominent beauty and personal care brands such as Lakme, Sugar Cosmetics, MyGlamm, and Pilgrim. With a strong focus on product innovation and expansion, the company is poised to make significant strides in the competitive beauty market.