D2C brand RENEE Cosmetics raised $10 million in a Series A round led by roll-up e-commerce unicorn Mensa Brands. Existing investors Equanimity and 9Unicorns also participated in the round. The funds will be used to for marketing, expanding brand presence in the offline market and catalogue expansion.
Founded by Aashka Goradia Goble and Beardo co-Founders 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 a portfolio of about 30 products across three categories.
Aashka Goradia Goble, Co-founder, RENEE Cosmetics, “This fund-raise will help us expand our expertise into creating and formulating groundbreaking products. We are excited to initiate this next phase of our journey.”
Priyank Shah, Co-founder, RENEE Cosmetics, added, “We have achieved 400% 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.”
RENEE currently selling products through all leading online channels and 500+ stores in the country.
“RENEE Cosmetics has established a unique positioning and garnered customer love in the competitive beauty market. As the colour cosmetics segment rapidly grows over the next few years, I believe that RENEE Cosmetics will emerge as a category leader owing to its innovative products and strong founding team,” said Ananth Narayanan, Founder & CEO of Mensa Brands.