Beauty Startup RENEE Cosmetics Raises $10M In Series A Funding
Ahmedabad-based beauty brand Renee Cosmetics has raised $10 million in a Series A round led by Mensa Brands. Existing investors, including Equanimity Investments and 9Unicorns, also participated in the funding round.
As per the official statement, the beauty brand plans to use the freshly raised funds majorly in strengthening the brand presence and widening its offline presence. Some amount from the raised funds will also be leveraged for catalogue expansion and marketing budgets.
RENEE Cosmetics | 100% Cruelty-free Beauty Brand
Founded by Aashka Goradia Goble along with Beardo co-founder duo Ashutosh Valani and Priyank Shah in 2019, RENEE Cosmetics is an Indian makeup brand that’s redefining beauty with its range of high quality, 100% cruelty-free, innovative range of products.
The beauty brand offers a wide range of eye makeup, skin serums, lip colours, and highlighters. Renee Cosmetics has been launching back-to-back innovative products and today boasts a portfolio of about 30 products across three categories.
Speaking about the development, Priyank Shah, Co-founder of RENEE Cosmetics, stated,
“We have achieved 400 percent 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.”
The Ahmedabad-based beauty brand is currently selling products through all leading online channels and 500+ stores in the country. At present, the brand claims to clock ARR of Rs 60 crore and is all set to reach Rs 150 crore by the end of this fiscal year.
As per Aashka Goradia Goble, the raised funds will help the startup expand its expertise into creating and formulating groundbreaking products.
Valued at about $13 billion in FY20, the Indian cosmetics market is expected to touch $29 billion in FY26.
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