New Delhi: Beauty brand Renee Cosmetics on Friday said it has raised $1.5 million in its pre-series A funding round led by Equity Ventures and 9 Unicorns with Titan Capital.
Founded by Aashka Goradia Goble along with Ashutosh Valani and Priyank Shah, Renee bills itself as a cruelty-free beauty brand, offering a range of lip colors, eye makeup, skin serums, cheek shades, highlighters and more . Shah and Valani also founded the 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 slew of entrants who are on board with digital first brands as well as providing products that are priced less than the existing players. The popularity of beauty portals like Nykaa has helped drive demand and experimentation amongst young shoppers.
Shah said that Renee was started to be a convenient and affordable store.
“We are excited to take Renee to even greater heights following our success with Beardo. From being a leader in the male grooming industry to now understanding the huge market size of the women’s beauty industry, we truly believe that We can achieve leaps and bounds with the brand,” said Valani.
Renee will use the funds raised to expand its distribution reach with plans to 1,000 beauty outlets over the next few quarters. It will add multiple touch points such as airports and modern business stores to its retail presence.
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