Homegrown beauty brand Renee Cosmetics has raised $25 million (Rs 225 crore) in a Series B funding round led by UAE-based fund Evolvence, pegging the company’s valuation at $100 million.
The round also saw participation from financial services entity Edelweiss Group and existing investors Equanimity and 9Unicorns.
The Ahmedabad-based company plans to deploy the fresh proceeds to scale up its team, building more products and expanding marketing footprint.
Founded by Priyank Shah, Ashutosh Valani and Aashka Goradia Goble in 2020, Renee Cosmetics claims to create a range of cruelty-free and vegan products in the beauty and cosmetics segment. Shah and Valani had previously founded male grooming brand Beardo, which was acquired by FMCG major Marico Ltd.
The brand offers eye and lip makeup, skin serums and highlighters, among other items. It currently has a portfolio of over 200 products across beauty and perfume segments.
So far, Renee Cosmetics has raised a total of $35 million across its pre-Series A, Series A and B funding rounds.
“We want to strengthen our presence and steer Renee towards becoming a globally recognized Indian makeup brand that is accessible to all irrespective of the geographies,” said Shah.
“Renee’s focus on brand, omnichannel distribution and product gives the company an edge for it becoming a disruptive force in the beauty landscape in India,” said Abhishek Chandra, managing director and Ajit Kumar, managing partner at Evolvence India.
Evolvence India Fund is an investment firm focussed on private markets in India. In October last year, VCCircle had reported that Evolvence India Fund has initiated the process to raise its fourth fund that is eyeing a target corpus of $300 million, which is higher than the little over $200 million it raised in its previous outing.
Its investments from the third fund include interior design platform HomeLane, non-banking finance company Ess Kay Fincorp, marketplace for construction materials Infra.Market, and hyperlocal delivery startup Dunzo.