Funding Alert

SUGAR Cosmetics raises $50 mn in its Series D round of funding led by L Catterton

• ByStartupStory     |    May 31, 2022

SUGAR Cosmetics (“SUGAR”), a Mumbai-based cosmetics business, announced the completion of its $50 million Series D investment on Tuesday, backed by the Asia fund of L Catterton, a worldwide consumer-focused private equity firm. This round also saw participation of existing investors A91 Partners, Elevation Capital, and India Quotient.

Vineeta Singh and Kaushik Mukherjee, both IIM-Ahmedabad graduates, started SUGAR in 2012. It provides make-up items for Indian skin tones. SUGAR has created a strong omnichannel presence across India through a mix of rapid e-commerce expansion, expedited collaborations with general and contemporary trade retailers, and meticulous same-store sales growth. 

Vineeta Singh, the co-founder and CEO of SUGAR said that consumers are at the heart of all the company does and SUGAR is committed to developing unique products that precisely cater to the preferences of women with various skin tones and kinds who believe in expressing themselves via high-quality cosmetics and skincare products that complement their inner beauty. Also, L Catterton shares this concept of fully knowing what is most important to customers, and she along with the co-founder Kaushik was delighted to welcome the firm as a partner. The brand is also grateful for its existing investors’ steadfast belief in them as well as the irrepressible team that is making the collective goal a reality.

Anjana Sasidharan, Asia Managing Director of L Catterton stated that the firm has been impressed with how SUGAR has maintained its pace of rapid expansion across online and offline channels while maintaining solid operational metrics. She also added that the company is excited to collaborate with the firm to deliberately unlock international exposure and drive additional growth, utilising its expertise working with over 20 beauty and personal care brands in L Catterton’s portfolio throughout the Americas, Europe, and Asia.

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