Ahmedabad-based make-up brand Renee Cosmetics on Thursday raised Rs 100 crore (about $12 million) in a Series B round led by existing investors Evolvence India and Edelweiss Group. The current fund has been raised at a valuation of Rs 1,200-1, 400 crore.
In the latest round, the company's valuation jumped 60% from its previous valuation of $100 million (about Rs 850 crore) when it raised $25 million in December 2020, the company said in a statement. To date, RENÉE has raised approximately $45 million.
"Our goal is to set new industry benchmarks and make a positive impact on our customers and the beauty industry," says Ashutosh Valani, Co-founder and Director, RENÉE, "This funding round will enable us to push the boundaries of beauty innovation. Reaching new heights in delivering products that promote and celebrate beauty in a variety of ways.
"With this investment, we will be able to introduce a more extensive product portfolio, making RENÉE the single window hub for all your beauty needs.We are gearing up to be a leading force in the Indian beauty industry, "said Priyank Shah, Co-founder, RENÉE.
Speaking on the investment, Abhishek Chandra, Managing Director and Ajit Kumar, Managing Partner, Evolvence India, said, "This investment fuels our vision to become a stronger brand by offering a wide range of high-quality products that are accessible through all channels. We believe that RENÉE's growth potential aligns perfectly with our investment strategy and we are excited to be a part of their journey. "
RENÉE COSMETICS has more than 200 products in its beauty and perfume division portfolio.These products are available on RENÉE's website and leading e-commerce platforms such as Amazon, Flipkart, Nykaa, Myntra and 1,200 + shop-in-shop stores across the country.Additionally, they have an online beta presence in the US, UAE, and Australia.
