Direct-to-consumer beauty brand Renee Cosmetics has raised USD 25 million (around Rs 205.66 crore) in a Series B funding round led by Evolvence India and Edelweiss Group.
Renee Cosmetics said in a statement that existing investors Equanimity and 9 Unicorns also participated in the funding at a valuation of USD 100 million.
The funding will help "towards building its mission of making Renee Cosmetics a globally recognised Indian beauty brand," it added.
"This also leads to creating a USD 100 million valuation for the brand in only a bit over two years of operations; this is inclusive of a total of USD 35 million across three rounds of funding," it said.
According to the company, this investment is "one of the larger ones in the D2C industry" also signifies how the beauty industry today has revolutionised, as consumers in this era have increased adaptability towards self-care and beauty.
This latest round would help Renee to create a niche in the industry for sleek, unique, multi-functional products with premium quality and affordable prices, it added.
"Renee has already proven to be one of the fastest beauty brands to breach Rs 100 crore ARR (Annual Recurring Revenue)," the company said, adding "the brand aims to grow 100 per cent quarter by quarter."
Renee co-founder and director Ashutosh Valani said, "With this round, our priority is to extend our product portfolio to give our consumers the comfort to be at ease with being themselves."
Renee Cosmetics, which commenced operations post-pandemic, has over 200 products in its beauty and perfume portfolio.
Its products are sold across major e-commerce platforms and on its website. It is also available at over 650 shop-in-shop stores.
