Indian D2C color cosmetics brand RENEE Cosmetics reported a 38% jump in operating revenue to ₹440 Cr ($53M) for FY26, while net loss narrowed 46% to ₹36 Cr, signaling improving unit economics for overseas buyers evaluating Indian beauty supply-chain partners. The brand’s offline expansion and repeat purchase growth drove margin improvement, with EBITDA margin improving to -8% from -21%.
Revenue and loss performance
RENEE Cosmetics’ operating revenue for FY26 rose approximately 38% to ₹440 Cr ($53M) from ₹320 Cr in FY25, according to cofounder and CEO Ashutosh Valani. Net loss dropped 46% to ₹36 Cr ($4.3M) from ₹67 Cr a year earlier. Expenses grew 45% to ₹290 Cr, reflecting investments in offline distribution. The EBITDA margin improved to -8% from -21%.
Offline channel growth
Offline sales contributed 35% of FY26 revenue, driven by shop-in-shop, wholesale retail, and modern trade outlets. Valani noted that 84% of India’s beauty sales occur in physical stores, as customers prefer trying makeup before purchase. The brand now reaches 25,000 offline touchpoints. Quick commerce platforms (Blinkit, Zepto) accounted for 15% of revenue, while its own website contributed 15%.
Product and market positioning
RENEE offers 250 master SKUs and 750 sub-SKUs across lipsticks, eye shadow, mascara, foundation, and perfumes. Eye makeup and lipstick are top sellers. The brand recently entered skincare with Ayurveda-led brand Indian Secrets. Approximately 60% of revenue comes from tier II, III, and IV cities, where offline retail is preferred. Average order value is ₹750 on its website and ₹500 on marketplaces.
What buyers should watch
For overseas importers and distributors, RENEE’s offline expansion signals growing demand for affordable color cosmetics in India’s semi-urban and rural markets. The brand’s 42% online repeat rate and focus on quick commerce with smaller pack sizes indicate evolving consumer behavior. Its FY27 revenue target of ₹600 Cr and IPO plan by FY29 suggest a maturing supply chain that may seek international partners for raw materials, packaging, or co-manufacturing.
Funding and outlook
RENEE has raised over $80M to date, including a $30M Series C at a $200M valuation led by Playbook Partners and Midas. Investors include Edelweiss Group, Equanimity, 100Unicorns, and BRND.ME. Valani expects profitability in FY27 and an IPO by FY29, targeting ₹1,000 Cr ARR with 10% positive EBITDA. The brand currently has sufficient runway and does not plan near-term equity funding.
Source: Read the original report | Published: June 05, 2026