Private equity firm Playbook Partners spearheads a $30 million Series C funding round for Renee Cosmetics.
Renee Cosmetics, a fast-growing beauty brand founded in 2020, has secured $30 million (Rs 262 crore) in its Series C funding round, led by Playbook Partners. This new investment values the company at $200 million.
The co-founder of Renee Cosmetics, Ashutosh Valani, shared that the fresh capital will be utilized to scale marketing efforts, optimize consumer acquisition costs, and drive better conversion across direct-to-consumer (D2C) and marketplace platforms. The funds will also be used to expand the product portfolio, invest in technology, and brand-building initiatives.
Aashka Goradia Goble, the co-founder and Chief Marketing Officer of Renee Cosmetics, stated that this funding will allow for fast-tracking of Research and Development (R&D) and the rolling out of cutting-edge formats that blend performance with global beauty trends.
Spark Midas Investment Fund-I, a late-stage and pre-IPO focused fund backed by Spark Capital, participated in the funding round through secondary share purchases. Renee Cosmetics has other investors including Equanimity and 9Unicorns.
In FY24, Renee Cosmetics posted net sales of Rs 191 crore, up from Rs 97 crore a year before. Despite the significant growth, the company's losses widened to Rs 59.5 crore in FY24, from Rs 32.6 crore the previous year.
Renee Cosmetics, which boasts a portfolio of over 200 SKUs, including lipsticks, eyeshadows, nail polishes, mascaras, and eyeliners, has grown nearly 3x in the past 18 months. The company aims to scale its omnichannel presence across tier I and II cities with the fresh capital.
It's worth noting that while general knowledge suggests that Spark Capital's Spark Midas Investment Fund-I is designed to invest in late-stage startups approaching IPO (initial public offering) or other liquidity events, the specific investment strategy of this fund could not be confirmed from the available search results. For detailed, authoritative information, it is recommended to consult Spark Capital’s official website, fund prospectus, or reliable VC databases.
As of now, there are no specific plans for a potential IPO announced by Renee Cosmetics. The company's focus remains on leveraging the new funding to fuel its growth and expand its presence in the competitive beauty market.
Ashutosh Valani, the co-founder of Renee Cosmetics, plans to use the fresh capital for investing in technology, expanding the product portfolio, and brand-building initiatives, aiming to optimize consumer acquisition costs and drive better conversion across direct-to-consumer and marketplace platforms. This funding will also accelerate Research and Development and the launch of innovative, trend-aligned formats, as stated by Aashka Goradia Goble, the co-founder and Chief Marketing Officer.
