Renee Cosmetics, a beauty brand raised $10 million in Series A round led by Menda brands. Apart from existing investors, Equanimity investments and 9Unicrns have also participated. In the last year, the company raised $1.5 million in a pre-series A that was led by Equanimity Ventures and 9Unicorns, Titan Capital also.
Renee Cosmetics was founded by Aashka Goradia, co-founder Ashutosh Valani and Priyank Shah in 2019. The company has a wide range of eye makeup, lip colors, skin serums, and highlighters. Presently, 30 products have launched across three categories over 500+ stores.
Before the existence of Renee, the co-founders founded male grooming brand Beardo which was further acquired by FMCG major.
As per the official announcements, the beauty brand is planning to utilize the funds in strengthening and expanding real stores. Marketing of the products is also included herein.
Aashka Goradia Goble, a Co-founder, stated, “This fundraiser will help us expand our expertise into creating and formulating groundbreaking products. We are excited to initiate this next phase of our journey.”
Commenting on the fundraise, Priyank Shah, Co-founder, 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.”
“We are glad to be backed by such seasoned investors and partners. Our belief is that we can create a new-age cosmetics brand for the Indian consumer powered by innovation,” added Ashutosh Valani, Co-founder, RENEE Cosmetics.
The market of Indian cosmetics was valued at around $13 billion in FY20 and expected to touch $29 billion in FY26 in future.
“RENEE Cosmetics has established a unique positioning and garnered customer love in the competitive beauty market. As the colo cosmetics segment rapidly grows over the next few years, I believe that RENEE Cosmetics will emerge as a category leader owing to its innovative products and strong founding team,” said Ananth Narayanan, Founder and CEO of Mensa Brands.