[Funding alert] RENEE Cosmetics raises $1.5M in pre-Series A round led by Equanimity Ventures, 9Unicorns
on Friday said it raised $1.5 million in pre-Series A round led by Equanimity Ventures and 9Unicorns, with participation from Titan Capital.
The investment round had lead investors such as Rajesh Sehgal from Equanimity Ventures, Apoorv Ranjan Sharma from 9Unicorns, and Kunal Bahl and Rohit Bansal from Titan Capital.
The Indian beauty brand will use the capital to strengthen its ability to innovate, retain, and grow its digital hold and expand its offline presence.
Commenting on the investment, Aashka Goradia Goble, Director and Co-founder, RENÉE Cosmetics, said,
“To be able to solve the daily needs of the modern Indian woman and bring together key necessities is something I have always wanted to achieve. We have successfully managed to do this through our multiple unique releases and are excited to bring a lot more experiences in the world of makeup."
She added, "The journey has only just begun, and as we welcome our new partners, we’re excited to make professional makeup easy for the everyday woman with newer formulations, colours, and channels for RENÉE.”
The Indian Cosmetics Market was valued at about $13 billion in FY20, with many players in the market. At present, the beauty brand claims to clock about Rs 40 crore ARR and is all set to reach Rs 100 crore ARR by the end of this fiscal year.
Source: Yve Style
Speaking on the funding, Apoorv Ranjan Sharma from 9Unicorns, said,
“Ashutosh and Priyank have proven their mettle in building successful brands. Their experience, along with Aashka's vision, knowledge, and leadership style, is sure to lead RENEE to even greater heights of innovation and success. We are delighted to join hands with the team and are looking forward to the revolution that RENEE will bring to the world of beauty.”
Adding to this, Rajesh Sehgal from Equanimity Ventures, said,
“RENEE is an innovative approach to beauty cosmetics offering women new-age makeup products with quality, variety, and class. The founding team of Aashka, Ashutosh, and Priyank is a true blend of understanding the beauty and world-class business processes. Equanimity is delighted to partner with RENEE on this fabulous journey of beautifying Indian women and allowing them to express themselves like never before.”
Commenting on the vision ahead, Ashutosh Valani, Co-founder and Director, RENEE Cosmetics, said,
“We are ecstatic to be growing RENÉE to even greater heights after our success with Beardo. From being leaders of the male grooming industry to now grasping the massive market size of the women’s beauty industry, we truly believe we can achieve leaps and bounds with the brand. We're here to lead with innovation and newness in an otherwise saturated industry, and as we grow, our products will continue being testament to that.”