Renee Cosmetics, a homegrown beauty brand, has raised $25 million (Rs 225 crore) in a Series B funding round led by UAE-based fund Evolvence, valuing the company at $100 million.

Edelweiss Group, as well as existing investors Equanimity and 9Unicorns, also participated in the round.

The Ahmedabad-based company intends to use the additional funds to expand its team, develop new products, and expand its marketing footprint.

Renee Cosmetics, founded in 2020 by Priyank Shah, Ashutosh Valani, and Aashka Goradia Goble, claims to create a line of cruelty-free and vegan beauty and cosmetics. Beardo, a male grooming brand founded by the trio, was acquired by FMCG giant Marico.

Among other things, the brand sells eye and lip makeup, skin serums, and highlighters. It currently has over 200 products in the beauty and perfume categories.

Renee Cosmetics has raised a total of $35 million in pre-Series A, Series A, and Series B funding rounds.

Evolvence India Fund is an investment firm focused on India’s private markets. In October of last year that Evolvence India Fund had begun the process of raising its fourth fund, with a target corpus of $300 million, which is higher than the slightly more than $200 million it raised in its previous outing.

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