RENÉE Cosmetics Secures $30 Million in Series C Funding

RENÉE Cosmetics, a direct to consumer beauty brand, has successfully raised $30 million in its Series C funding round, led by Playbook with secondary investments from Midas. This recent funding round values RENÉE at $200 million, marking a 1.4X increase from its $12 million extended Series B round, which was reported last June by Startup Superb.

While additional details regarding the secondary transaction have not been disclosed, this funding will be pivotal for RENÉE Cosmetics.

Expansion Plans with New Capital

With a robust portfolio of over 200 SKUs, RENÉE Cosmetic’s strategy involves using this new capital to broaden its product offerings. The brand aims to enhance its omnichannel presence in tier I and tier II cities, while also investing in technology and marketing strategies to fortify brand awareness.

About RENÉE Cosmetics

Founded by Aashka Goradia Goble in partnership with Beardo co-founders Priyank Shah and Ashutosh Valani, RENÉE Cosmetics offers a variety of products, including eye makeup, lip colours, skin serums, and highlighters. The brand can be found on various third-party e-commerce and quick commerce platforms and is present in over 15,000 outlets throughout India.

Global Expansion Efforts

In its pursuit of global growth, RENÉE is testing an online presence in regions such as the US, UAE, and Australia.

Strategic Growth and Revenue Goals

According to Ashutosh Valani, Co-founder of RENÉE Cosmetics, this funding provides the brand with the necessary resources to amplify their marketing engine and manage consumer acquisition more effectively. With an annual revenue run rate (ARR) of Rs 500 crore, the brand is optimistic about achieving Rs 1,000 crore in revenue within the next two years.

Investment History

To date, RENÉE Cosmetics has secured approximately $76 million from various investors, including Evolvence India, Edelweiss Group, Equanimity Ventures, and 100Unicorns.

Financial Performance

For the fiscal year set to end in March 2024, RENÉE Cosmetics reported a significant revenue boost, reaching Rs 191.65 crore, compared to Rs 97.15 crore in FY23. However, losses increased by 88.2%, totalling Rs 61.45 crore during this time.

Although the company has yet to submit their annual report for FY25, RENÉE asserts it has experienced nearly threefold growth over the last 18 months, attributing this to strong customer engagement, expansion into multiple channels, and innovative product launches.