Renee Cosmetics Secures Rs 100 Crore to Scale New Heights

Renee Cosmetics has raised Rs 100 crore in a funding round led by Evolvence India and Edelweiss Group, boosting its valuation to Rs 1,400 crore. This investment will help the brand expand its product range and omnichannel presence, while furthering its vision of being a disruptive force in the beauty industry.

PTI | Mumbai | Updated: 13-06-2024 18:19 IST | Created: 13-06-2024 18:19 IST
Renee Cosmetics Secures Rs 100 Crore to Scale New Heights
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Renee Cosmetics announced on Thursday that it has successfully raised Rs 100 crore in a new funding round led by existing investors Evolvence India and Edelweiss Group.

With this latest round, the company's valuation has surged to Rs 1,400 crore—a significant increase from the Rs 850 crore it was valued at in December 2022.

"This funding will allow us to push the boundaries of beauty innovation and achieve new milestones in delivering products that celebrate diverse beauty," said co-founder and director Ashutosh Valani.

According to co-founder Priyank Shah, the company plans to use the funds to introduce new products and expand its omnichannel presence.

Evolvence India's managing director Abhishek Chandra emphasized that this investment fuels Renee's vision of becoming a disruptive force in the beauty industry by offering a wide range of high-quality products. Ashish Agarwal from Edelweiss Discovery Fund also noted that the company's focus on robust product development resonated strongly with investors.

Renee Cosmetics, one of the fastest-growing beauty brands, now boasts 1,200 stores in India and an online presence in the US, the UAE, and Australia. The company sells over 200 beauty and perfume products, making significant strides in both online and offline markets.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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