Homegrown beauty brand Renee Cosmetics has raised $10 million in its Series A round of funding led by Thrasio-styled venture Mensa Brands. Existing investors, including Equanimity Ventures and 9Unicorns, took part in the fundraise.
This is one of those rare investments where Mensa Brands has co-invested with other venture capital funds. Usually, the company vies for majority stake in any startup and has added more than a dozen startups till date.
“We have achieved 400% growth this quarter and have set ambitious targets for the brand. This year, we will focus on expanding our product catalogue, marketing and increasing our offline presence across India, said Priyank Shah, co-founder at Renee Cosmetics.
Founded by Shah, Ashutosh Valani and Aashka Goradia, the cosmetic 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 offers eye makeup, lip colours, skin serums and highlighters among other items. It has a portfolio of about 30 products across three categories. Besides digital marketplaces, it has presence across 500 outlets.
