Ahmedabad-based makeup brand, RENÉE Cosmetics, announced on Thursday that it has secured Rs 100 crore (approximately $12 million) in its Series B funding round. This round was led by its current investors, Evolvence India and Edelweiss Group. The funds were raised at a valuation between Rs 1,200-1,400 crore. This marks a 60% increase from the company’s previous valuation of $100 million (approximately Rs 850 crore) in December 2022, when it raised $25 million. In total, RENÉE has raised about $45 million to date.
Ashutosh Valani, Co-founder and Director of RENÉE, stated, “Our aim is to set new benchmarks in the industry and positively impact our customers and the beauty sector. This funding will allow us to innovate further and reach new levels in offering products that promote and celebrate diverse beauty.”
Priyank Shah, another Co-founder of RENÉE, added, “This investment will help us expand our product range, making RENÉE a comprehensive beauty destination. We plan to enhance our omnichannel presence as we strive to become a leading force in the Indian beauty market and a global icon of inclusivity and innovation.”
Evolvence India’s Managing Director, Abhishek Chandra, and Managing Partner, Ajit Kumar, commented on the investment, saying, “This funding supports RENÉE’s vision of becoming a disruptive force by providing a broader range of high-quality products accessible through various channels. We believe in RENÉE’s growth potential and are excited to support their journey.”
RENÉE Cosmetics offers over 200 products in its beauty and perfume categories. These products are available on RENÉE’s website and major e-commerce platforms like Amazon, Flipkart, Nykaa, and Myntra, as well as in over 1,200 shop-in-shop stores across India. Additionally, RENÉE has a beta online presence in the US, UAE, and Australia.