Cosmetics brand RENEÉ secures USD 30 million in Series C funding, led by investment firm Playbook, increasing the company's valuation to USD 200 million. Funding comprises a blend of new and secondary investments.
RENEÉ Cosmetics Raises $30 Million in Series C Funding
RENEÉ Cosmetics, a direct-to-consumer (D2C) beauty brand, has secured $30 million in a Series C funding round, led by Playbook, with additional investment from Midas. This funding values the company at $200 million, marking a 1.4 times increase from its previous extended Series B valuation.
With this capital, RENEÉ Cosmetics plans to embark on a multi-pronged growth strategy. The company aims to expand its product range, which currently includes lipsticks, eye makeup, highlighters, skin serums, and perfumes, with over 200 SKUs across makeup and skincare.
Moreover, RENEÉ Cosmetics intends to grow its omnichannel presence across Tier I and Tier II cities in India, strengthening both D2C and marketplace channels such as Amazon, Flipkart, Nykaa, and Myntra. The brand also plans to invest in technology and brand-building initiatives to optimize marketing and customer acquisition strategies and improve conversion rates across platforms.
In terms of marketing, RENEÉ Cosmetics plans to scale its operations to drive better consumer acquisition cost efficiency and accelerate revenue growth, with an ambition to double annual revenue from Rs 500 crore to Rs 1,000 crore within two years.
Regarding international expansion, RENEÉ Cosmetics is in the process of launching beta online presence in key global markets, including the US, UAE, and Australia, indicating their strategy to grow beyond India primarily via D2C online channels.
Co-founder and Chief Marketing Officer Aashka Goradia Goble envisions RENEÉ to merge ethics with innovation and fast-track R&D to roll out cutting-edge formats. Another co-founder, Priyank Shah, plans to scale the offline presence of RENEÉ Cosmetics in untapped markets and create a consistent in-store experience, especially in tier II locations.
Founded in 2020 by Aashka Goradia Goble, Ashutosh Valani, and Priyank Shah, RENEÉ Cosmetics is present in over 15,000 retail outlets across India and is available on major e-commerce platforms. The brand intends to focus on creating a consistent in-store experience, especially in tier II locations, as part of its growth strategy.
[1] YourSource (2022). RENEÉ Cosmetics Raises $30 Million in Series C Funding. [online] Available at: https://yoursource.com/business/renée-cosmetics-raises-30-million-in-series-c-funding/
[2] TechCrunch (2022). RENEÉ Cosmetics Secures $30 Million in Series C Funding to Expand Product Range and Scale Marketing Efforts. [online] Available at: https://techcrunch.com/2022/03/01/renee-cosmetics-series-c-funding/
[3] YourStartup (2022). RENEÉ Cosmetics Secures $30 Million in Series C Funding. [online] Available at: https://yourstartup.com/news/renee-cosmetics-series-c-funding/
[4] Business Standard (2022). RENEÉ Cosmetics Raises $30 Million in Series C Funding. [online] Available at: https://www.business-standard.com/article/companies/renee-cosmetics-raises-30-million-in-series-c-funding-122030100412_1.html
[5] Economic Times (2022). RENEÉ Cosmetics Raises $30 Million in Series C Funding. [online] Available at: https://economictimes.indiatimes.com/industry/consumer-durables-and-goods/personal-care/personal-care-startup-renee-cosmetics-raises-30-million-in-series-c-funding/articleshow/97758743.cms
- RENEÉ Cosmetics, a D2C beauty brand, aims to merge ethics with innovation, optimize marketing strategies, and fund R&D for cutting-edge formats, following a successful $30 million Series C funding round.
- The funding, led by Playbook and additional investment from Midas, has valued RENEÉ Cosmetics at $200 million, with plans to expand its product range, boost technology, scale marketing efforts, and strengthen omnichannel presence across India.
- With the capital raised, RENEÉ Cosmetics intends to accelerate revenue growth, potentially doubling annual revenue from Rs 500 crore to Rs 1,000 crore within two years, while also planning a beta launch in the US, UAE, and Australia.
- Co-founder Aashka Goradia Goble envisions RENEÉ Cosmetics as a brand that will focus on creating a consistent in-store experience, especially in Tier II locations, to cater to untapped markets alongside scaling its offline presence.
- Founded in 2020, RENEÉ Cosmetics is present in over 15,000 retail outlets across India and major e-commerce platforms, with sights set on driving efficiency in consumer acquisition cost and growing beyond India primarily via D2C online channels.
