RENEE Cosmetics, a beauty brand D2C startup is planning to raise $12 million in its new fundraising round from its existing investors. A person close to the deal told Entrackr that Edelweiss and Evolvence might invest $12 million in the startup. Previously, the startup secured over $25 million in its series B round from Edelweiss, 9unicorns, and Equanimity.
After this round, the company will have a post-valuation of $155 million to $170 million. RENEE Cosmetics was founded by Aashka Gordia Goble, Ashutosh Valani, and Priyanka Shah to offer various beauty products including skin serums, skincare products, lip colors, and more. The startup provides its products through various e-commerce sites and has more than 650 physical stores across the country. The firm has secured a total fund of $36 million from three rounds since inception.
Image source: Renee Cosmetics
The startup data intelligence platform, The Kredible mentioned that after the series B round Valani and Shah own an 18.54 percent stake each in the startup followed by Globe with 17.52 percent. Evolvence is the largest external stakeholder of the company, with an 11 percent stake. The firm reported a profit growth of 3.1 times to Rs 100.4 crore in FY23, while the loss also increased by 4.4 times to Rs 32.6 crore for the same duration. The startup has not disclosed its FY24 report but it claims to have reached the Rs 500 crore revenue threshold.
The startup competes with other beauty brands including MyGlamm, Sugar Cosmetics, Lakme, Nykaa, and Colorbar, among others. The company is planning to use these fresh proceeds to offer more services, scale up operations, develop new beauty product categories, and expand its network. The startup offers quality products with value for money while meeting market and public demand.
Conclusion
RENEE Cosmetics is a beauty product startup that is planning to secure a funding amount of $12 million in its new round led by existing investors. The round may have participation from its existing investors including Edelweiss and Evolvence who will invest $12 million in the startup. The firm is planning to use these fresh proceeds to launch a new product, scale up operations, enhance its platform, and
expand in the market. The company offers various beauty products including skin serums, skincare products, lip colors, and more. The startup provides its products through e-commerce sites and has more than 650 physical stores across the country. The company has secured a total fund of $36 million from three rounds to date. After the series B round Valani and Shah owns an 18.54 percent stake each in the startup followed by Globe with 17.52 percent. Evolvence holds an 11 percent stake and is the largest external stakeholder in the startup. The startup competes with other beauty brands in India, including MyGlamm, Sugar Cosmetics, Lakme, Nykaa, and Colorbar. The operational revenue of RENEE Cosmetics increased by 3.1 times to Rs 100 crore while the loss also increased to Rs 32.6 crore in FY23.
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