Direct-to-consumer (D2C) brand Renée Cosmetics has raised $25 million (nearly Rs 205.66 crore) in a Series B funding round led by Evolvence India and Edelweiss Group. Apart from these two, existing investors including Equanimity and 9Unicorns also participated in the investment round. 

The Ahmedabad-based start-up is now valued at $100 million after having raised a total of $35 million across three rounds of funding, the company claimed in a statement. 

It plans to use this fresh capital for global expansion of its business, diversification its product ranges, strengthening its marketing initiatives and hiring skilled staffers. 

“Our goal has always been to create a quality brand with innovative products that would change the perception towards using beauty products. We want to inspire our consumer’s creative side and help them celebrate their beauty through Renée,” said Ashutosh Valani, co-founder and director of the company. 

Ashish Agarwal, managing partner at Edelweiss Group, added, '"We are thrilled to partner with Renée Cosmetics. Their products have path-breaking packaging-form innovation that delivers convenience and quality. Under the leadership of Ashutosh, Priyank, and Aashka, Renée
is well-positioned to become a leading cosmetics brand."

The D2C market in India is rapidly increasing with time. Big players like Sugar Cosmetics, Plum and Nykaa have witnessed a sharp increase in revenues, in the financial year (FY) 2022. A Tracxn report pointed out that D2C start-ups in India have raised $543 million amid funding winter. Companies like Yoho, Plaeto and Nirmalya bagged investments in recent times.