Renee Cosmetics raises $30 million, targets offline growth and tech investment

Ashutosh Valani, Priyank Shah and Aashka Goradia Goble

Direct-to-consumer beauty brand Renee Cosmetics has raised $30 million in a Series C funding round at a valuation of $200 million. The round was led by Playbook, with participation from existing backers such as Evolvence India and Edelweiss. The investment includes both primary and secondary components, the company said on August 7.

With the latest round of funding, the Ahmedabad-based startup, which claims to have tripled its revenue over the past 18 months and achieved an annualised revenue run rate of Rs 500 crore,  is targeting a Rs 1,000-crore ARR over the next two years.

Founded by Ashutosh Valani, Priyank Shah and Aashka Goradia Goble, Renee plans to use the capital to scale offline distribution, deepen product innovation and invest in marketing and technology infrastructure.

“We will use this capital to scale our marketing engine, optimise customer acquisition costs, and drive conversions across both D2C and marketplaces,” Valani said. The brand also aims to expand its omnichannel presence in tier 1 and 2 cities.

Renee, which sells more than 200 stock keeping units (SKUs) in makeup and fragrances, has over 15,000 offline outlets and sells online through marketplaces such as Amazon, Flipkart, Myntra, and Nykaa. The company is also piloting international sales through its online platform in the US, the UAE, and Australia.

It is looking to strengthen its offline play, a segment many digital-first beauty startups have struggled to scale. “One of the biggest gaps we identified early was the lack of depth in offline execution,” said Shah. “This round allows us to build a scalable distribution engine and strengthen our presence in untapped retail markets.”

Playbook’s founding partner Vikas Choudhary said the startup is well-placed to tap into a new wave of cosmetics consumption in India. “The modern Indian consumer is looking for authenticity, innovation, and inclusivity and Renee is delivering on all three fronts,” he said.

The company last raised $25 million in a Series B round in 2023 and counts Equanimity Ventures and 9Unicorns among its early backers.

Renee’s fundraise comes amid a wave of investor interest in India’s fast-growing beauty and personal care segment, where startups such as Sugar Cosmetics, Pilgrim and Mamaearth are vying for a bigger share of both digital and offline channels.