New Delhi, Feb 11 (PTI) Beauty Brand Renee Cosmetics on Friday said it has raised USD 10 million (Rs 75 crore) in funding from Mensa Brands along with existing investors.
The brand will use the capital to expand its product line and grow digital and offline presence, said a statement from Renee Cosmetics.
“The round (Series A) also witnessed participation from the existing investors including Equanimity and 9Unicorns. The brand has raised a total of USD 11 million till date, including the current round,” it said.
Additionally, a part of the fund will also be leveraged for catalogue expansion and marketing budgets of Renee Cosmetics, which currently sells products through all leading online channels and over 500 stores in the country.
Founded by Aashka Goradia Goble along with Beardo co-founders duo Ashutosh Valani and Priyank Shah, Renee is a cruelty-free (no testing on animals) beauty brand offering a wide range of eye makeup, lip colours, skin serums and highlighters.
“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,” Goble said.
The brand boasts a portfolio of about 30 products across 3 categories.
The Indian cosmetics market was valued at about USD 13 billion in FY20 and expected to touch USD 29 billion in FY26. PTI KRH KRH ANU ANU
