RENEE Cosmetics, a direct-to-consumer magnificence agency, has raised $30 million in a Collection C funding spherical headed by Playbook, with an additional funding from Midas.
In keeping with RENEE, the brand new capital values the corporate at $200 million, up 1.4 instances over its $12 million prolonged Collection B spherical in June final 12 months. The company didn’t give further details about the secondary sale.
RENEE Cosmetics has a portfolio of over 200 SKUs, and with this new funding, the corporate intends to extend its product line, scale its omnichannel presence in tier I and tier II cities, and make investments extra in know-how and brand-building efforts.
Aashka Goradia Goble based RENEE along with Beardo co-founders Priyank Shah and Ashutosh Valani. The corporate sells eye make-up, lip colors, face serums, and highlighters. Along with third-party e-commerce and quick commerce platforms, the model is bought at over 15,000 shops in India.
The corporate is creating globally, with beta web presences in america, UAE, and Australia.
“This capital additional provides us the firepower to scale our advertising engine, optimize client acquisition prices, and drive higher conversion throughout each D2C and market platforms. We’ve already achieved an annual income run charge (ARR) of Rs 500 crore and are assured of doubling this to Rs 1,000 crore within the subsequent two years,” mentioned Ashutosh Valani, Co-founder of RENEE Cosmetics.
In keeping with TheKredible, RENEE has raised roughly $76 million from buyers together with Evolvence India, Edelweiss Group, Equanimity Ventures, and 100Unicorns.
Valani and Shah are Ahmedabad-based serial entrepreneurs who beforehand bought Beardo, a males’s grooming enterprise, to Marico for Rs 350 crore in July 2020, and Villain, a fragrance model, to Mensa in October 2021.
RENEE Cosmetics’ working income elevated to Rs 191.65 crore within the fiscal 12 months ending March 2024, up from Rs 97.15 crore within the fiscal 12 months 23. Through the 12 months, their losses elevated by 88.2%, reaching Rs 61.45 crore.
Whereas the agency has but to file its FY25 annual report, it claims to have expanded by practically thrice within the final 18 months, claiming robust client adoption, omnichannel growth, and innovation-driven product introductions.
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