Spark Financial Holdings (“Spark”) acted as the exclusive financial advisor to the transaction.

Spark is pleased to announce the successful closure of a USD 25 Mn equity round in Renée Cosmetics Private Limited (“Renée”, or the “Company”) led by Evolvence India, Edelweiss, and existing investors, Equanimity Ventures and 9Unicorns.

Commenting on the successful completion of the transaction:

Ashutosh Valani, Founder, Renée remarked, “This capital raise reaffirms the company’s pole position in the industry and its mission of building Renée Cosmetics into a globally recognized Indian beauty brand. This also leads to creating a USD 100 million valuation for the brand in only a bit over two years of operations; this is inclusive of a total of $35 million across three rounds of funding.”

Abhishek Chandra, Managing Director, Evolvence India remarked, “Renée’s relentless focus on brand, omnichannel distribution and product gives the company an edge for it becoming a disruptive force in the beauty landscape in India. We are excited to partner with Ashutosh, Priyank and Aashka, all of whom come with a deep experience in this space, to accelerate the company’s already impressive growth trajectory.”

Ashish Agarwal, Managing Director – Private Equity, Edelweiss remarked, "We are excited to partner with Renée Cosmetics. Their products have path-breaking packaging-form innovation that deliver convenience and quality. Under the leadership of Ashutosh, Priyank and Aashka, Renée is well positioned to become a leading cosmetics brand.”

Jyotiraj Sarma, Director and Head – Consumer & Digital Tech, Spark Financial Holdings remarked, “We wish Renee, its founders, and shareholders the very best as they set out on this new and exciting journey - this reiterates the availability of capital for high quality assets even in today’s somewhat strained environment. This is Spark’s second personal care transaction in the last seven months and reinforces our ability to leverage relationships and create transactions in the consumer sector.”