RENEE Cosmetics Raises $10 Mn In Series A Funding Round Led By Mensa Brands
Funds will be utilised by the beauty brand to strengthen presence and widen its offline presence
Ahemdabad-based cruelty-free beauty brand RENEE Cosmetics announced on Friday to have raised $10 million in Series A funding round led by Mensa Brands. The round also witnessed participation from the existing investors including Equanimity and 9Unicorns. The brand has raised a total of $11 million to date.
Funds will be utilized to strengthen the brand presence and widen its offline presence. A part of the fund will be leveraged for catalogue expansion and marketing budgets.
"We have achieved 400 per cent 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," said Priyank Shah, co-founder, RENEE Cosmetics.
The Indian Cosmetics Market was valued at about $13 billion in FY20 and expected to touch $29 billion in FY26. At present, the beauty brand claims to clock ARR of INR 60 crore and is all set to reach ARR of INR 150 crore by the end of this fiscal year, the company said in a statement.
"RENEE Cosmetics has established a unique positioning and garnered customer love in the competitive beauty market. As the colour 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, Mensa Brands.
Founded in 2018 by Aashka Goradia Goble along with Beardo co-founder duo Ashutosh Valani and Priyank Shah, RENEE Cosmetics is selling products through leading online channels and 500-plus stores in the country. RENEE Cosmetics aims to change the makeup game of Indian women by introducing a professional range of high quality, cruelty-free, and versatile range of makeup.