“The journey has only just begun"
Indian brand RENEE Cosmetics has raised $1.5 million in funding.
It comes after a significant investment during a pre-series A funding round from Rajesh Sehgal of Equanimity Ventures, Dr Apoorv Ranjan Sharma from 9Unicorns, and Kunal Bahl and Rohit Bansal of Titan Capital.
The cruelty-free company is FDA approved and aims to create groundbreaking but professional and affordable products for consumers in an increasingly saturated marketplace.
Some of the brand’s best selling items include the highly convenient Fab 5-in-1 lipstick, Dual Chamber Day and Night Serum and Fab Face stick which includes products for your eyes, cheeks and lips in one place.
RENEE, which means ‘rebirth,’ was co-founded by former actress and model, Aashka Goradia Goble, who wanted to provide Indian women with unparalleled class, colour and quality.
After spending two decades in the Indian television industry from the age of 16, the award-winning actress forayed into business with the aim of innovating makeup.
Goble believes that makeup is an experience of liberation and a celebration of the true spirit of the modern woman.
She said: “To be able to solve the daily needs of the modern Indian woman and bring together key necessities is something I have always wanted to achieve.
“We have successfully managed to do this through our multiple unique releases and are excited to bring a lot more experiences in the world of makeup.
“The journey has only just begun and as we welcome our new partners, we’re excited to make professional makeup easy for the everyday woman with newer formulations, colours and channels for RENEE.”
The company was also co-founded by Ashutosh Shah and Priyank Valani who were responsible for founding male grooming brand Beardo in 2015.
Valani said: “We are ecstatic to be growing RENEE to even greater heights after our success with Beardo.
“From being leaders of the male grooming industry to now grasping the massive market size of the women’s beauty industry, we truly believe we can achieve leaps & bounds with the brand.
“We’re here to lead with innovation and newness in an otherwise saturated industry and as we grow, our products will continue being testament to that.”
The brand has won various awards including Femina Power Brand, CNBC Most Trusted Brand and Grazia Most Loved Brand.
This investment will be used to expand its offline presence.
Shah said: “When we started RENEE, our mission was to bring to India products that are concise, convenient, and class apart while being affordable and professional in every sense.
“As we broaden our horizons with our new partners, I’m looking forward to strengthening our hold in the offline space as well.
“We aim to be present in over 1000 beauty outlets over the next few quarters and want to reach our consumers through multiple touchpoints like airports, modern trades and more.”
The beauty sector is currently a key industry in India, with a market value of more than $11 billion as of 2020, according to Euromonitor International.
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