D2C beauty brand Renee Cosmetics raises $25-M from Evolvence, Edelweiss, others

Ahmedabad-based direct-to-consumer (D2C) beauty brand Renee Cosmetics has raised USD 25 million (around INR 205.66 crore) in a Series B funding round led by Evolvence India with participation from Edelweiss Group. Existing investors Equanimity and 9Unicorns also participated in the funding round at a valuation of USD 100 million. The deal was facilitated with the support of Spark Financial Holdings. The new funds will be used for the brand's global expansion. Renee, which commenced operations post-pandemic, has over 200 products under its beauty and perfume portfolio. Its products are sold across e-commerce platforms and its website. It is also available at over 650 retail stores.