Television actress Aashika Goradia Goble’s beauty brand RENÉE Cosmetics has raised $25 million in Series B funding. Evolvence India led the funding, which also involved Edelweiss Group and existing investors Equanimity and 9Unicorns.
The latest funding creates a $100 million valuation for the company, including the $35 million that the brand received in three rounds of funding. Talking about the brand’s future, Aashka, who is the co-founder of the brand, said that RENÉE Cosmetics aims to be a part of every individual’s journey towards celebrating their beauty. The brand wants to unveil everyone’s innate layer of beauty, she added.
RENÉE Cosmetics will use the Series B funding to develop additional products and grow its employee base and marketing initiatives. The company aims to establish itself as an international-level Indian brand and is one of the fastest beauty brands to cross Rs 100 crore ARR mark. According to the company, it plans to grow 100 per cent quarter-by-quarter.
RENÉE Cosmetics amped up its product offering following the COVID-19 pandemic. With more than 200 products in beauty and perfume categories, the brand has made its presence across major e-commerce platforms such as Amazon, Flipkart, Nykaa, and Myntra. The company also has an online beta presence in the US, UAE, and Australia.
Courtesy Key: Yourstory