Renee Cosmetics raises USD 30 mn in fresh funding round

New Delhi, Aug 7 (PTI) Renee Cosmetics on Thursday said it has raised USD 30 million (around Rs 262 crore) in a latest funding round, at a valuation USD 200 million.

The Mumbai-based brand said the funding round was led by Playbook with secondaries from Midas ,including a mix of primary and secondary investments.

With the raised capital, the brand plans to expand its product portfolio, scale omnichannel presence across Tier 1 and Tier 2 cities and invest further in technology and brand-building initiatives, it said in a statement.

"This capital further gives us the firepower to scale our marketing engine, optimise consumer acquisition costs, and drive better conversion across both D2C and marketplace platforms," Renee Cosmetics Co-founder Ashutosh Valani stated.

The company has already achieved an annual revenue run rate (ARR) of Rs 500 crore and is confident of doubling this to Rs 1,000 crore in the next two years, Valani added.

Playbook Founding and Managing Partner Vikas Choudhary said that the young consumer is increasingly seeking authenticity, inclusivity, and innovation in their choices, and Renée is leading that growth, especially in Tier 2+ markets. PTI MSS MR