Renee Cosmetics, a direct-to-consumer (D2C) beauty brand, has raised $30 million in a Series C funding round. The round was led by Playbook, with Midas also investing through a secondary deal.
The company shared on August 7 that the funding includes both primary and secondary investments.
With this new round, Renee is now valued at $200 million, which is 1.4 times higher than its valuation during the $12 million Series B round in June last year.
RENÉE Cosmetics, which already offers over 200 products, plans to use the new funding to launch even more items, expand in tier I and tier II cities, and invest in technology and brand building.
“This capital further gives us the firepower to scale our marketing engine, optimise consumer acquisition costs, and drive better conversion across both D2C and marketplace platforms. We’ve already achieved an annual revenue run rate (ARR) of Rs 500 crore and are confident of doubling this to Rs 1,000 crore in the next two years,” said Ashutosh Valani, Co-founder of RENÉE Cosmetics.
“RENÉE Cosmetics is well-placed to tap into a new wave of cosmetics consumption in India. The modern Indian consumer is looking for authenticity, innovation, and inclusivity, and Renee is delivering on all three fronts,” said Vikas Choudhary, founding partner of Playbook.
RENÉE Cosmetics was started in 2019 by Aashka Goradia Goble, along with Beardo co-founders Priyank Shah and Ashutosh Valani. The brand offers a wide range of beauty products like eye makeup, lipsticks, skin serums, and highlighters.
In addition to selling on e-commerce and quick commerce platforms, RENÉE products are also available in more than 15,000 stores across India.
The brand is also growing internationally, with a trial online presence in the US, UAE, and Australia.
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