According to the release, the existing investors including Equanimity and 9Unicorns also participated in this funding round. With this round, the beauty brand has raised a total of USD 11 million till present.
Ananth Narayanan, founder and CEO of Mensa Brands said, “As the colour cosmetics segment rapidly grows over the next few years, I believe that RENEE Cosmetics will emerge as a category leader owing to its innovative products and strong founding team.”
RENEE Cosmetics is founded by Aashka Goradia Goble along with Beardo co-founders duo Ashutosh Valani and Priyank Shah. The brand said it offers a cruelty-free range of products which includes eye makeup, lip colours, skin serums and highlighters.
“We have achieved 400% growth this quarter and have set ambitious targets for the brand going forward,” said Shah, one of the three co-founders of RENEE Cosmetics.
The beauty brand said it will use the capital to build an innovate product line and grow both its digital and offline presence.
Currently, it has over 500 stores across the country and also sells their products through all leading online channels.