Beauty and personal care startup RENEE Cosmetics reported a 38% increase in operating revenue to ₹440 crore in fiscal year 2026, up from ₹320 crore the previous year. The company also reduced its net loss by 46%, from ₹67 crore in FY25 to ₹36 crore in FY26, according to CEO Ashutosh Valani in an interview with inc42.com.
RENEE Cosmetics achieved this growth through a strategic focus on offline retail expansion, which now accounts for 35% of its revenue. The startup invested in shop-in-shop formats, wholesale retail, and modern trade outlets to meet customer preferences for trying makeup products before purchase. Online sales on marketplaces such as Nykaa, Flipkart, and Amazon contributed another 35%, while quick commerce and the company’s own website each accounted for 15%. Operating expenses rose 45% to ₹290 crore, but improved sales helped reduce the EBITDA margin to -8% from -21%.
The company’s emphasis on offline sales is significant in the beauty and personal care sector, where customers prefer physical trials before buying. RENEE’s offline sales growth contrasts with many D2C brands that rely heavily on online channels. The startup’s ability to balance offline and online channels while improving margins positions it well in a competitive market. Valani noted that strong brand pull and healthy demand in offline stores are key drivers of this performance.
RENEE Cosmetics expects to grow its business by another 40-50% in FY27, supported by continued offline expansion and repeat purchases, CEO Ashutosh Valani told inc42.com.