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Mumbai based new-age Beauty Brand RENEE Cosmetics has raised $10 Million in series A round funding led by Mensa Brands.
The round also saw the participation from its existing investors including Equanimity and 9Unicorns.
Founded by Actor turned entrepreneur Aashka Goradia Goble, Ashutosh Valani, and Priyank Shah, RENEE Cosmetics is a cruelty-free beauty brand offering a wide range of eye makeup, lip colors, skin serums, and highlighters.
Ashutosh Valani and Priyank Shah previously founded male grooming brand Beardo, which was acquired by FMCG major.
Speaking on the fundraise, Priyank Shah, Co-founder, RENEE Cosmetics said, “We have achieved 400% growth this quarter and have set ambitious targets for the brand going forward. This year, we are going to focus on expanding our product catalog, marketing, and increasing our offline presence across the country.”
“We are glad to be backed by such seasoned investors and partners. We believe that we can create a new-age cosmetics brand for the Indian consumer powered by innovation,” Ashutosh Valani, Co-founder, RENEE Cosmetics added.
Commenting on Series A round funding, Aashka Goradia Goble, Co-founder, RENEE Cosmetics said, “This fundraiser will help us expand our expertise into creating and formulating groundbreaking products. We are excited to initiate this next phase of our journey.”
Talking about the investment in RENEE Cosmetics, Ananth Narayanan, Founder & CEO of Mensa Brands said, “RENEE Cosmetics has established a unique positioning and garnered customer love in the competitive beauty market. As the color cosmetics segment rapidly grows over the next few years, I believe that RENEE Cosmetics will emerge as a category leader owing to its innovative products and strong founding team.”
RENEE currently sells products through all leading online channels and 500+ stores in the country.