Investment firm Playbook Partners spearheads $30 million Series C funding for Renee Cosmetics
In a significant move for the Indian beauty industry, Renee Cosmetics has raised $30 million in its Series C funding round, valuing the company at $200 million. The funding round was led by Playbook Partners, with Spark Capital participating through its Spark Midas Investment Fund - I by purchasing secondary shares.
Founded by Ashutosh Valani and Aashka Goradia Goble, Renee Cosmetics has grown significantly in the past 18 months, nearly tripling in size. The brand's portfolio includes over 200 SKUs, encompassing lipsticks, eyeshadows, nail polishes, mascaras, and eyeliners, among others.
In the fiscal year 2024 (FY24), Renee Cosmetics posted net sales of Rs 191 crore, a substantial increase from Rs 97 crore in the previous year. However, the company reported widened losses, with FY24 losses reaching Rs 59.5 crore compared to Rs 32.6 crore in the previous year.
The fresh capital will be used to expand the product portfolio, scale the omnichannel presence across tier I and II cities, and invest in technology and brand-building initiatives. According to Ashutosh Valani, the co-founder of Renee Cosmetics, the funding will enable the company to scale marketing, optimize consumer acquisition costs, and drive better conversion across both direct-to-consumer and marketplace platforms.
Aashka Goradia Goble, the co-founder and chief marketing officer of Renee Cosmetics, commented on the funding, stating it allows for fast-tracking of research and development and rolling out cutting-edge formats.
The extended Series B round, which took place in 2024, was led by Evolvence India and Edelweiss Group. Other investors in Renee Cosmetics include Equanimity and 9Unicorns.
With this new funding, Renee Cosmetics continues to solidify its position in the Indian beauty market, aiming to provide high-quality, innovative products to consumers across the country.
- Ashutosh Valani plans to use the fresh capital from the Series C funding round for investing in technology to scale the omnichannel presence, expand the product portfolio, and optimize marketing efforts for better conversion on both direct-to-consumer and marketplace platforms.
- Aashka Goradia Goble, the co-founder and chief marketing officer of Renee Cosmetics, believes the new funding will accelerate the company's research and development, enabling the rollout of cutting-edge formats in the beauty industry.
