Beauty empire: Aashka Goradia's journey to building a Rs 1,400 crore brand with Renee Cosmetics
It was then that she founded Renee Cosmetics with her college mates Ashutosh Valani and Priyank Shah. In a span of two years, her company made a turnover of Rs 100 crore. It was a remarkable feat considering how the beauty industry is vast with a sea of competitors that are already well established. Six years later, Renee Cosmetics is expected to record a revenue of Rs 400 crore in 2024 after clocking Rs 208 crore in 2023.
Aashka Goradia's journey is exceptional. Despite her fame as a television actress, back in 2018, she made the bold decision to venture into entrepreneurship, achieving notable success.
It was then that she founded Renee Cosmetics with her college mates Ashutosh Valani and Priyank Shah. In a span of two years, her company made a turnover of Rs 100 crore. It was a remarkable feat considering how the beauty industry is vast with a sea of competitors that are already well established. Six years later, Renee Cosmetics is expected to record a revenue of Rs 400 crore in 2024 after clocking Rs 208 crore in 2023.
REN?E Cosmetics raises Rs 100 Crore in Series B funding round, valuation soars to Rs 1,200 - 1,400 Crore
bollywoodshaadis
In a latest update,REN?E Cosmetics has secured Rs 100 crore (approximately $12 million) in its Series B funding round, spearheaded by existing investors Evolvence India and Edelweiss Group. The company disclosed that it completed the latest funding round at a valuation ranging between Rs 1,200 to 1,400 crore, marking a significant 60 percent increase from its previous round in December 2022, which amounted to $25 million at a valuation of approximately Rs 850 crore ($100 million).
Aashka Goradia¡¯s transition from acting to entrepreneurship
Prior to transitioning into entrepreneurship, Goradia commenced her television career in 2002 with the series "Achanak 37 Saal Baad." Subsequently, she appeared in soap operas such as "Akela" and "Sindoor Tere Naam Ka" on Zee TV. She also acted in "Virrudh" on Sony TV and "Mere Apne" on 9X. Her other notable work includes Kkusum, Laagi Tujhse Lagan, Fear Factor: Khatron Ke Khiladi, Bigg Boss, and Nach Baliye.
aashka goradia/instagram
Goradia gained popularity for her portrayal of antagonistic characters. Over time, she also ventured into reality television. However, in 2018, she made the decision to transition away from acting and enter the realm of business.
Renee cosmetics is based in Ahmedabad and distributes over 200 products through various online platforms such as Flipkart, Amazon, Myntra, Nykaa and its own website. Additionally, its products are available in over 650 stores nationwide.
Aashka is responsible for overseeing the marketing and communications aspects of the organization.
What prompted Aashka to change her career path?
renee cosmetics
Reflecting on her vision to establish her own beauty brand, Aashka in an interview had said, ¡°Make-up is a form of empowerment, and through my brand, I wanted to create products celebrating women¡¯s natural beauty. Alongside ex-?Beardo? founders Priyank Shah and Ashutosh Valani, I started Renee in Ahmedabad in 2018 and launched cosmetic products such as a Fab 5-In-1 Lipstick, bold 3D Eyelashes, and more.¡±
Aashka¡¯s Renee Cosmetics stood out from the rest as the brand focused on to become 100 percent cruelty-free, paraben-free, and FDA approved.
Following the initial success of her lipstick and eyelash products, Aashka diversified the company's offerings to include the Kohlistic Eye Range, Strobe Queen Highlighters, Check Matte Lipsticks, Brushes Set, Eyebrow Growth Roll-On, Make-up Removing Balm, and other products.
¡°The support and experience of Priyank and Ashutosh gave the brand a direction I wanted it to take. They wanted to enter and experience a new category altogether and cater to the women of India, competing in a saturated market that needed innovation,¡± she had said.
Empowering beauty: Aashka's Vision in a competitive cosmetics landscape
renee cosmetics
The brand was launched with an initial investment of Rs 50 lakh. Leveraging the expertise and experience of all the founders, resource gathering was facilitated by the trust and faith of its partners. In terms of market approach and competition, Renee products typically fall within the price range of MRP Rs 149 to Rs 2,950, targeting women aged 18 to 35 in Tier I and II cities. The brand often offers lucrative discounts as well.
Renee Cosmetics operates within a competitive market landscape, contending with prominent players such as Colorbar, Lotus Herbals, L'Or¨¦al, and others. Additionally, it faces competition from brands like SUGAR Cosmetics, Lakme, Maybelline, and MyGlamm.
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