Mumbai: RENEE Cosmetics, the Indian beauty brand today announced its Pre-Series A funding with the backing of Equanimity Ventures and 9Unicorns with participation from Titan Capital. The investment of USD 1.5 million had lead investors Rajesh Sehgal from Equanimity Ventures and Dr. Apoorv Ranjan Sharma from 9Unicorns, with co-Investors Kunal Bahl & Rohit Bansal from Titan Capital.
The India Cosmetics Market was valued at approx USD 13 billion in FY2020, with many players in the market. In a world of repetitive and saturated beauty products, RENEE’s mission is to liberate and celebrate the spirit of women. The brand creates a range of products that are professional, convenient, and affordable. With innovation at its core, the brand has launched some never-seen-before products such as Fab 5-in-1, Fab Face, Dual Chamber Day & Night Serum & more, all aimed to bring together the daily makeup necessities into a concise packaging. Selling on its website and leading marketplaces, the brand has recently also started its offline chapter.
Commenting on the successful round of investment, Aashka Goradia Goble, Director & Co-founder, RENEE Cosmetics, said, “To be able to solve the daily needs of the modern Indian woman & bring together key necessities is something I have always wanted to achieve. We have successfully managed to do this through our multiple unique releases and are excited to bring a lot more experiences to the world of makeup. The journey has only just begun and as we welcome our new partners, we’re excited to make professional makeup easy for the everyday woman with newer formulations, colours, and channels for RENEE.”
Dr. Apoorv Ranjan Sharma from 9Unicorns spoke about the brand & founders, stating, “Ashutosh & Priyank have proven their mettle in building successful brands. Their experience along with Aashka’s vision, knowledge & leadership style is sure to lead RENEE to even greater heights of innovation & success. We are delighted to join hands with the team and are looking forward to the revolution that RENEE will bring to the world of beauty.”
RENEE today is one of the bestselling brands across online marketplaces and has created a hold for itself in the offline market. In a saturated world of makeup, the brand aims to bring newness to the world of cosmetics with its products that are ground-breaking, affordable, and professional in every sense.
The leading beauty brand is currently clocking around 40 Cr. ARR and is all set to reach 100 Cr. ARR by the end of this fiscal year.
Commenting on the vision ahead, Ashutosh Valani, Co-founder & Director, RENEE Cosmetics said, “We are ecstatic to be growing RENEE to even greater heights after our success with Beardo. From being leaders of the male grooming industry to now grasping the massive market size of the women’s beauty industry, we truly believe we can achieve leaps & bounds with the brand. We’re here to lead with innovation & newness in an otherwise saturated industry and as we grow, our products will continue being testament to that.”
Adding to that, Rajesh Sehgal from Equanimity Ventures said, “RENEE is an innovative approach to beauty cosmetics offering women new-age makeup products with quality, variety, and class. The founding team of Aashka, Ashutosh, and Priyank is a true blend of understanding the beauty and world-class business processes. Equanimity is delighted to partner with RENEE on this fabulous journey of beautifying Indian women and allowing them to express themselves like never before.”
Talking about the partnership, Priyank Shah, Co-founder & Director, RENEE Cosmetics, said, “When we started RENEE, our mission was to bring to India products that are concise, convenient, and class apart, while being affordable and professional in every sense. As we broaden our horizons with our new partners, I’m looking forward to strengthening our hold in the offline space as well. We aim to be present in over 1000 beauty outlets over the next few quarters and want to reach our consumers through multiple touchpoints like airports, modern trades & more.”
In recent years, the brand has grown aggressively, winning various awards and recognition for all its work from accolades like Femina Power Brand, CNBC Most Trusted Brand, Grazia Most Loved Brand, and more. This investment will help them strengthen their ability to innovate, retain & grow their digital hold, and expand their offline presence.