Beauty brand Renee Cosmetics said on Thursday it has raised a Rs 100 crore fund led by existing investors Evolvence India and Edelweiss Group.
The company's valuation has reached up to Rs 1,400 crore after the recent fundraising, which is 60 percent higher than the Rs 850 crore raised during the last funding round in December 2022.
Beauty brand Renee Cosmetics said on Thursday it has raised a Rs 100 crore fund led by existing investors Evolvence India and Edelweiss Group.
The company's valuation has reached up to Rs 1,400 crore after the recent fundraising, which is 60 per cent higher than the Rs 850 crore raised during the last funding round in December 2022, according to a statement. So far, the company has raised a total of $45 million in funding from external investors, it said.
"This funding round will enable us to push the boundaries of beauty innovation and reach new heights in delivering products that encourage and celebrate diverse beauty," its co-founder and director, Ashutosh Valani, said. Valani added, ““Our goal is to set new industry standards and create a positive impact on our customers and the beauty industry.”
After the funding, the company can introduce more products and also wants to increase its omnichannel presence, its co-founder, Priyank Shah, said.
"This investment fuels their (Renee's) vision of becoming a disruptive force by offering a wider range of high-quality products accessible through all channels," Evolvence India's managing director, Abhishek Chandra, said.
Edelweiss Discovery Fund's Ashish Agarwal said the company's focus on product development to build a robust online and offline presence resonated strongly. The company statement said it has become one of the fastest beauty brands to surpass the annual revenue rate of Rs 350 crore. It sells 200 beauty and perfume products on its website and on e-commerce platforms like Amazon and Flipkart.
Renee Cosmetics has 1,200 stores in India and an online beta presence in the US, the UAE, and Australia. Priyank Shah, co-founder at Renee, said, “With this investment, we can introduce a more extensive product portfolio, making Renee a one-stop destination for all your beauty needs. We want to increase our omnichannel presence as we are poised to become a leading force in the Indian beauty industry and a global symbol of inclusivity and innovation.”
(With inputs from PTI)