Beauty brand Renee Cosmetics on Friday said it has raised $1.5 million in its pre-series A funding round, led by Equanimity Ventures and 9Unicorns along with Titan Capital.
Founded by Aashka Goradia Goble along with Ashutosh Valani and Priyank Shah, Renee pitches itself as a cruelty-free beauty brand with a range of lip colours, eye makeup, skin serums, cheek tints, highlighters, among others. Shah and Valani also founded male grooming brand Beardo, which was acquired by fast moving consumer goods company Marico India.
The beauty and cosmetics markets in India has seen a spate of entrants, most riding on providing digital-first brands as well as products that are priced lower than incumbent players. The popularity of beauty portals like Nykaa has helped drive demand and experimentation among younger shoppers.
Renee was started to launch a convenient and affordable store, said Shah.
“We are ecstatic to be growing Renee 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,” said Valani.
Renee will use the funds raised to expand its distribution reach with plans on having 1,000 beauty outlets over the next few quarters. It will add multiple touchpoints like airports and modern trade stores to its retail presence.
Source: Mint