Mumbai
:
Direct-to-consumer startup Renee Cosmetics Pvt. Ltd is in talks to raise over ₹200 crore from new investors in a mix of primary and secondary transactions, according to three people familiar with the matter.
“The startup is currently carrying out due diligence. Several new investors, including Playbook Partners India, Spark Capital’s Midas Investments, and Infinity Investments, are eyeing a stake in the company,” one of three people said on the condition of anonymity.
“The round will likely value the company at around $200-240 million ( ₹1,700- ₹2,000 crore), marking a significant jump from the last round,” the second person said, adding that the company is eyeing ₹500 crore in annual recurring revenue in 2025-26.
Renee declined to comment. Playbook, Midas, and Infinity did not immediately respond to Mint’s request for comments
Mint reported on 1 May that Mensa Brands planned to sell its investment in Renee Cosmetics.
Founded by Priyank Shah, Ashutosh Valani and Aashka Goradia, the startup claims to offer a range of cruelty-free and vegan products in the beauty and cosmetics segment. The trio previously founded male-grooming brand Beardo, which was acquired by FMCG major Marico Ltd.
The brand has a portfolio of about 30 products, including eye makeup, lip colours, skin serums, and highlighters, among other items, across three categories.
It has a presence in over 500 outlets in addition to digital marketplaces. Over the last two years, it has been aggressively expanding its offline presence.
The new round comes after the new-age beauty brand raised ₹100 crore in its series B round, led by existing investors Evolvence India and Edelweiss Group, in June 2024. The funds were raised at a valuation of ₹1,200-1,400 crore ($150-$170 million).
It competes with Sugar Cosmetics, MyGlamm, and Pilgrim, among others.
In 2023-24, Renee’s revenue from operations surged to ₹191.65 crore from ₹97.15 crore a year ago. Its losses widened to ₹61.45 crore from ₹32.66 crore in 2022-23, according to an Entrockr report.