Renee Cosmetics, one of India’s fastest-growing direct-to-consumer (D2C) beauty brands, has raised $30 million in a Series C funding round, propelling its valuation to $200 million. The Ahmedabad-based startup now aims to double its current annualised revenue run rate (ARR) of ₹500 crore to ₹1,000 crore within two years, banking on offline retail growth and advanced tech infrastructure.
The funding round was led by Playbook, with participation from existing investors including Evolvence India and Edelweiss. The capital infusion, which includes both primary and secondary components, is poised to accelerate Renee’s omnichannel ambitions, particularly in tier 1 and 2 cities.
Building a Scalable Retail Engine
Renee Cosmetics, founded by Ashutosh Valani, Priyank Shah, and actor-entrepreneur Aashka Goradia Goble, has built a solid presence in the beauty market with a growing lineup of more than 200 makeup and fragrance products. The brand is already present in more than 15,000 offline outlets and is actively expanding its footprint to counter what it calls a historic lack of “depth in offline execution.”
“One of the biggest gaps we identified early was the lack of depth in offline execution,” said co-founder Priyank Shah. “This round allows us to build a scalable distribution engine and strengthen our presence in untapped retail markets.”
The company is also investing in international growth by piloting sales in the US, UAE, and Australia through its own online platform.
Doubling Down on Marketing and Tech
According to co-founder Ashutosh Valani, the fresh capital will be used strategically across marketing, customer acquisition, and technology upgrades. “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 already sells through major online platforms such as Amazon, Flipkart, Nykaa, and Myntra, and is looking to use technology to enhance conversion rates and user experience across these channels.
Investors Back Omnichannel Growth
Vikas Choudhary, founding partner at Playbook, expressed strong confidence in Renee’s positioning. “The modern Indian consumer is looking for authenticity, innovation, and inclusivity and Renee is delivering on all three fronts,” Choudhary noted. He believes Renee is well-positioned to tap into the evolving landscape of cosmetics consumption in India.
The brand’s rapid growth over the past 18 months, tripling revenue in that period, has attracted consistent investor interest. Prior to this round, Renee had raised $25 million in a Series B round in 2023, with backers including Equanimity Ventures and 9Unicorns.
Renee Cosmetics: Competing in a Crowded Market
Renee’s latest funding comes at a time when India’s beauty and personal care market is seeing a surge in investments. Brands like Sugar Cosmetics, Pilgrim, and Mamaearth are quickly growing, expanding both online and in stores.
But unlike many digital-first players, Renee is taking a different route. The brand is placing equal focus on offline accessibility and online growth, positioning itself as a hybrid-first beauty label that meets consumers wherever they choose to shop.
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