Mumbai
:
Direct-to-consumer startup Renee Cosmetics Pvt. Ltd is in talks to lift over ₹200 crore from new traders in a mixture of main and secondary transactions, in keeping with three folks aware of the matter.
“The startup is presently finishing up due diligence. A number of new traders, together with Playbook Companions India, Spark Capital’s Midas Investments, and Infinity Investments, are eyeing a stake within the firm,” one in all three folks mentioned on the situation of anonymity.
“The spherical will possible worth the corporate at round $200-240 million ( ₹1,700- ₹2,000 crore), marking a big leap from the final spherical,” the second individual mentioned, including that the corporate is eyeing ₹500 crore in annual recurring income in 2025-26.
Renee declined to remark. Playbook, Midas, and Infinity didn’t instantly reply to Mint’s request for feedback
Mint reported on 1 Might that Mensa Manufacturers deliberate to promote its funding in Renee Cosmetics.
Based by Priyank Shah, Ashutosh Valani and Aashka Goradia, the startup claims to supply a variety of cruelty-free and vegan merchandise within the magnificence and cosmetics phase. The trio beforehand based male-grooming model Beardo, which was acquired by FMCG main Marico Ltd.
The model has a portfolio of about 30 merchandise, together with eye make-up, lip colors, pores and skin serums, and highlighters, amongst different gadgets, throughout three classes.
It has a presence in over 500 shops along with digital marketplaces. Over the past two years, it has been aggressively increasing its offline presence.
The brand new spherical comes after the new-age magnificence model raised ₹100 crore in its sequence B spherical, led by current traders Evolvence India and Edelweiss Group, in June 2024. The funds have been raised at a valuation of ₹1,200-1,400 crore ($150-$170 million).
It competes with Sugar Cosmetics, MyGlamm, and Pilgrim, amongst others.
In 2023-24, Renee’s income from operations surged to ₹191.65 crore from ₹97.15 crore a yr in the past. Its losses widened to ₹61.45 crore from ₹32.66 crore in 2022-23, in keeping with an Entrockr report.