Investment firm Playbook Partners heads Renee Cosmetics' $30 million Series C funding round
Renee Cosmetics, the Indian beauty brand founded by Priyank Shah, Ashutosh Valani, and Aashka Goradia Goble in 2020, has secured $30 million in its Series C funding round. This round was led by Playbook Partners and Spark Capital, with additional participation from Spark Midas Investment Fund - I through secondary share purchases.
The funding will be used to expand Renee Cosmetics' product portfolio, scale its omnichannel presence, particularly across Tier 1 and Tier 2 cities in India, and deepen its offline retail footprint. The brand aims to double its annual revenue run rate (ARR) from Rs 500 crore to Rs 1,000 crore within two years.
Investments will also go toward technology, brand building, marketing to optimize consumer acquisition costs, and enhancing customer experiences both online and offline. Renee is pursuing international expansion with initial presence in markets such as the US, UAE, and Australia.
Ashutosh Valani, co-founder of Renee Cosmetics, stated that the new capital will be used to scale the marketing engine, optimize consumer acquisition costs, and drive better conversion across both D2C and marketplace platforms. Goble, co-founder and chief marketing officer of Renee Cosmetics, stated that the funding allows the company to fast-track R&D and roll out cutting-edge formats that blend performance with global beauty trends.
Renee Cosmetics currently has a portfolio of over 200 SKUs, including lipsticks, eyeshadows, nail polishes, mascaras, and eyeliners. The brand has grown nearly 3x in the past 18 months, attributing its growth to strong consumer adoption, omnichannel expansion, and innovation-led product launches.
In FY24, Renee Cosmetics posted net sales of Rs 191 crore, up from Rs 97 crore a year before, but losses widened to Rs 59.5 crore from Rs 32.6 crore. The valuation of Renee Cosmetics is now $200 million, following its Series C funding round.
The company's other investors include Equanimity and 9Unicorns, in addition to Playbook Partners and Spark Capital. This funding round signals Renee’s ambition to become a major global beauty brand leveraging innovation, ethics, and inclusivity.
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- The incoming investments will not only boost Renee Cosmetics' product portfolio expansion and omnichannel presence scale, but also fund technology advancements, brand building, marketing initiatives, and customer experience enhancements across both online and offline platforms.
- As Renee Cosmetics ventures into international markets such as the US, UAE, and Australia, the new capital acquired will be instrumental in scaling its marketing engine, reducing consumer acquisition costs, and improving conversion rates across both direct-to-consumer and marketplace platforms.
- The additional funds acquired from Series C will enable Renee Cosmetics to accelerate research and development (R&D), roll out innovative product formats that blend performance with global beauty trends, and strive to become a leading global beauty brand founded on principles of innovation, ethics, and inclusivity.
