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Exclusive: RENEE Cosmetics to raise Rs 100 Cr at a valuation of Rs 1400 Cr

EntrackrEntrackr · 1y ago
Exclusive: RENEE Cosmetics to raise Rs 100 Cr at a valuation of Rs 1400 Cr
Medial

Beauty brand RENEE Cosmetics is all set to mop up a new round led by existing investors, sources aware of the development told Entrackr. “Evolvence and Edelweiss are in the last leg of putting Rs 100 crore in Renee. The terms of the deal have been finalized and a formal announcement is likely to be out later this month,” said one of the sources requesting anonymity as discussions are private. In December 2022, RENEE scooped up $25 million in a Series B round led by Evolvence India with participation from Edelweiss Group and existing investors Equanimity and 9Unicorns (now 100 Unicorns). It has raised a total funding of $36 million to date across three rounds. As per sources, RENEE will be valued at around Rs 1,300-1,400 crore ($155-170 million) post money. This will be around 60% premium from its last valuation when the firm raised $100 million in Series B. Founded by Aashka Goradia Goble along with Beardo co-founders Priyank Shah and Ashutosh Valani, RENEE offers a wide range of eye makeup, lip colors, skin serums, and highlighters. Apart from selling on third-party e-commerce and quick commerce platforms, the firm also has presence over 650 shop-in-shop stores across India. Queries sent to RENEE, Evolvence and Edelweiss did not elicit any response until publication of the story. As per startup data intelligence platform TheKredible, Valani and Shah control 18.54% stake each in the company while Goble 17.52% stake as of Series B round. Among the external investors, Evolvence has more than 11% holding in the company. RENEE’s total revenue grew 3.1X to Rs 100.4 crore in FY23 from Rs 32.4 crore in FY22 whereas its losses also spiked 4.4X to Rs 32.6 crore during the same period. The firm claims to touch Rs 500 crore revenue threshold by 2024. It is yet to file its audited financial report for FY24. RENEE competes with conventional beauty brands like Lakme, as well as startups such as Sugar Cosmetics and MyGlamm, among others.

Gully Labs raises Rs 8.7 Cr in seed round led by Zeropearl VC

EntrackrEntrackr · 8m ago
Gully Labs raises Rs 8.7 Cr in seed round led by Zeropearl VC
Medial

Gully Labs raises Rs 8.7 Cr in seed round led by Zeropearl VC Sneaker brand Gully Labs has raised Rs 8.7 crore in a seed funding round — comprising Rs 7.6 crore in equity and Rs 1.1 crore in venture debt. The equity round was led by Zeropearl VC along with participation from Untitled Ventures, Atrium Ventures, and other prominent angel investors including Bounce co-founder & CEO Vivekananda Hallekere, Suhasini Sampath, Nishchay AG, Renee Cosmetics founder Ashutosh Valani, Anurag Ramadasan, and Rahul Seth, while Stride Ventures led the debt investment. Prior to this, the company had secured Rs 1.1 crore in equity during its pre-seed round in 2024. The fresh capital will be deployed towards diversifying the product mix, expanding sales channels, and opening physical retail stores, Gully Labs said in a press release. Co-founded in 2023 by Arjun Singh and Animesh Mishra, Gully Labs crafts handmade sneakers, blending premium materials with culturally rich design stories — from Phulkari-embroidered trainers to Onam-inspired silhouettes. Gully Labs sells its products through its website and in select partner stores across Indian metros. The company plans to build a larger production facility, broaden its product line across diverse sneaker styles, and deepen its reach across India and global markets. It also plans to launch exclusive retail outlets as part of its omni-channel strategy.

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