NEW DELHI: Beauty brand Renee Cosmetics announced on Friday that it had raised $ 1.5 million as part of its pre-Series A funding round, led by Equanimity Ventures and 9Unicorns with Titan Capital.
Founded by Aashka Goradia Goble with Ashutosh Valani and Priyank Shah, Renee promotes itself as a cruelty-free beauty brand with a range of lip colors, eye makeup, skin serums, cheek tones, highlighters, among others. Shah and Valani also founded men’s skincare brand Beardo, which was acquired by fast-growing consumer goods company Marico India.
The beauty and cosmetics markets in India have seen a wave of entrants, with most focusing on supplying first digital brands as well as products at lower prices than incumbents. The popularity of beauty portals like Nykaa has helped drive demand and experimentation among young buyers.
Renee has started to launch a convenient and affordable store, Shah said.
“We are excited to push Renee to even higher heights after our success with Beardo. From being the leaders in the men’s grooming industry to now capturing the massive market size of the female beauty industry, we truly believe we can take giant leaps with the brand, ”said Valani.
Renee will use the funds raised to expand her distribution reach and plans to have 1,000 beauty stores in the coming quarters. It will add several points of contact such as airports and modern shopping stores to its retail presence.
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