Makeup and skincare brand Renee Cosmetics has raised $30 million (Rs 262 crore) in its Series C funding round, led by Playbook Partners, at a valuation of $200 million.
The round, which was a mix of primary and secondary transactions, saw Spark Midas Investment Fund - I, a late-stage and pre-IPO focused fund backed by Spark Capital, participating through secondary share purchases.
VCCircle had exclusively reported last month that Spark Capital was investing in the company’s Series C round.
Renee Cosmetics claims to have grown nearly 3x in the past 18 months, driven by strong consumer adoption, omnichannel expansion, and innovation-led product launches. The company has a portfolio of over 200 SKUs, including lipsticks, eyeshadows, nail polishes, mascaras, and eyeliners.
“Renee's sharp focus on delivering innovation in both product and packaging, aligned with consumer expectations, has fuelled its fast scale-up,” the company said in a release.
The fresh capital will be used to expand the product portfolio, scale omnichannel presence across tier I and II cities, and invest in technology and brand-building initiatives, it added.
Commenting on the development, co-founder Ashutosh Valani said, ‘’This capital gives us the firepower to scale our marketing engine, optimize consumer acquisition costs, and drive better conversion across both D2C and marketplace platforms.”
Founded in 2020 by Priyank Shah, Ashutosh Valani, and Aashka Goradia Goble, Renee had previously raised around $45 million. It last raised Rs 100 crore in 2024 in its extended Series B round led by Evolvence India and Edelweiss Group. The company’s other investors include Equanimity and 9Unicorns.
“As someone deeply involved in product and innovation, this funding allows us to fast-track R&D and roll out cutting-edge formats that blend performance with global beauty trends," said Goble, co-founder and chief marketing officer of the company.
In FY24, Renee posted net sales of Rs 191 crore, up from Rs 97 crore a year before. However, losses widened to Rs 59.5 crore from Rs 32.6 crore, as per VCCEdge, the data research platform of VCCircle.
