Beauty brand RENEE Cosmetics raised Rs 100 Cr in extended Series B round
The new-age beauty brand RENÉE Cosmetics revealed that it has raised INR 100 Cr (roughly $12 million) in an extended Series B round led by current investors Edelweiss Group and Evolvence India. The current funds were raised between Rs. 1,200 and Rs. 1,400 crores.
According to people with knowledge of the development, RENEE Cosmetics, a beauty brand, is poised to absorb a fresh round headed by current investors.
“Evolvence and Edelweiss are in the last leg of putting Rs 100 crore in Renee. The terms of the deal have been finalized and a formal announcement is likely to be out later this month,” said one of the sources.
With the help of Edelweiss Group, Equanimity, and current investors 9Unicorns (now 100 Unicorns), RENEE secured $25 million in a Series B round led by Evolvence India in December 2022. Through three rounds, a total of $46 million in funding has been raised thus far.
RENEE’s post-money valuation is expected to be between Rs 1,300 and Rs 1,400 crore ($155 and $170 million). When the company raised $100 million in Series B funding, its previous valuation was about 60% higher than this.
Aashka Goradia Goble, Priyank Shah, and Ashutosh Valani, the co-founders of Beardo, founded RENEE, which sells a variety of highlighters, skin serums, eye makeup, and lip colours. In addition to operating over 650 shop-in-shop locations throughout India, the company also sells on quick commerce and third-party e-commerce platforms.
Before the story’s publication, RENEE, Evolvence, and Edelweiss did not respond to inquiries sent to them.
According to media, Goble held a 17.52% stake in the company as of the Series B round, while Valani and Shah each held 18.54%. Evolvence owns more than 11% of the business from outside investors.
In FY23, RENEE’s total revenue increased by 3.1X to Rs 100.4 crore from Rs 32.4 crore in FY22, but its losses also increased by 4.4X to Rs 32.6 crore in the same time frame. By 2024, the company hopes to reach the Rs 500 crore revenue mark. The audited financial report for FY24 has not yet been filed.
In addition to newcomers like Sugar Cosmetics and MyGlamm, RENEE faces competition from established beauty brands like Lakme.
