Indian beauty brand RENÉE Cosmetics raises $25 million in Series B funding led by Evolvence India, Edelweiss Group

• RENÉE Cosmetics will use the funding to enhance its Indian and international growth.
  
• The funding takes the company’s valuation to $100 million, just after two years of beginning operations.
  
• The online beauty and personal care segment in India is expected to reach $4.4 billion by FY25.
  

Indian direct-to-consumer beauty brand RENÉE Cosmetics raised $25 million in Series B funding, in a round led by Evolvence India, with Edelweiss Group and existing investors Equanimity and 9Unicorns. The deal was facilitated with the support of Spark Financial Holdings.

This takes the company’s valuation to $100 million, two years after beginning operations. This is inclusive of a total of $35 million across three rounds of funding.

“It is less about creating a brand that is simple to use, that is just the table stake, but more about redefining beauty in a way that consumers are open to embracing it. With this round, our priority is to extend our product portfolio to give our consumers the comfort to be at ease with being themselves,” Ashutosh Valani, co-founder and director at RENÉE.

The startup will use the series B funding to enhance RENEE’s Indian and international growth by allowing the company to develop more products, marketing initiatives and grow its team.

The growth of RENEE is parallel to the growth of beauty and personal care D2C companies, especially post-pandemic with customers going back to their offices. The online beauty and personal care segment in India is expected to reach $4.4 billion by FY25, as per report by Avendus Capital.

Good Glamm Group’s online cosmetic retail brand MyGlamm witnessed sales across segments go up by seven times in this year alone. Ecommerce player Myntra reported a boost in luxury personal care and beauty products.

"We are thrilled to partner with RENÉE Cosmetics. Their products have path-breaking packaging-form innovation that delivers convenience and quality,” Ashish Agarwal, managing partner at Edelweiss Group said.

RENÉE Cosmetics has over 200 products in its beauty and perfume divisions portfolio. The brand also has an online beta presence in the US, UAE, and Australia.

SEE ALSO: Real estate decarbonisation startup Accacia raises $2.5 million in seed round
Rupee falls 24 paise to 82.09/$ amid rising crude, foreign fund outflows
The science behind selling a dress to an Indian woman, according to the CEO of Latin Quarters