Renee Cosmetics raises $25 million from Evolvence India, others
Ahmedabad-based beauty brand Renee Cosmetics has raised $25 million (Rs 206 crore) in series B funding round led by Evolvence India. Edelweiss Group and existing investors Equanimity and 9Unicorns also participated in the funding round.
The company will utilise the funds to fuel its expansion in the domestic and international markets coupled with investments in diversification of product portfolio, marketing initiatives, and recruitment.
Commenting on the investment, Abhishek Chandra, managing director of Evolvence India in a statement said, “Renee’s relentless focus on brand, omnichannel distribution, and product gives the company an edge for it becoming a disruptive force in the beauty landscape in India. We are excited to partner with Ashutosh, Priyank, and Aashka, all of them who come with a deep experience in this space, to accelerate the company’s already impressive growth trajectory.”
Ashutosh Valani, co-founder director at Renee added, “With Renee, our goal has always been to create a quality brand with innovative products that would change the perception towards using beauty products. We want to inspire our consumer’s creative side and help them celebrate their beauty through Renee. With this round, our priority is to extend our product portfolio to give our consumers the comfort to be at ease with being themselves.”
Renee Cosmetics currently has over 200 products in its beauty and perfume categories. The brand sells through its website along with major e-commerce platforms such as Amazon, Flipkart, Nykaa, and Myntra, as well as at over 650 shop-in-shop stores across the country.
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