D2C beauty brand RENEE Cosmetics has raised $10 Mn led by Ananth Narayanan’s D2C roll-up unicorn Mensa Brands. Existing investors Equanimity and 9Unicorns too have participated in the Series A round.
RENEE Cosmetics plans to use the funds majorly in strengthening the brand presence and widening offline presence. A part of the fund will also be leveraged for catalogue expansion and marketing budgets.
“This fundraise will help us expand our expertise into creating and formulating groundbreaking products. We are excited to initiate this next phase of our journey.” Aashka Goradia Goble, Co-founder, RENEE Cosmetics, said.
Founded in 2019 by Aashka Goradia Goble along with Beardo co-founder duo Ashutosh Valani and Priyank Shah, RENEE Cosmetics is a cruelty-free beauty brand offering a wide range of eye makeup, lip colours, skin serums, and highlighters. The brand has been launching back-to-back innovative products, and today boasts a portfolio of about 30 products across three categories.
“We have achieved 400 percent growth this quarter and have set ambitious targets for the brand going forward. This year, we are going to focus on expanding our product catalogue, marketing, and increasing our offline presence across the country.”Priyank Shah, Co-founder, RENEE Cosmetics, said.
“We are glad to be backed by such seasoned investors and partners. Our belief is that we can create a new-age cosmetics brand for the Indian consumer powered by innovation,” Ashutosh Valani, Co-founder, RENEE Cosmetics, said.