Sugar Cosmeticsannounced Tuesday that it has raised $50 million in a round led by L Catterton.
- Anjana Sasidharan, Asia Managing Director of L Catterton, will join Sugar Cosmetics’ board of directors with this investment.
- L Catterton has also invested in at least 20 other beauty and personal care companies.
Vineeta Singh-led makeup brand Sugar Cosmetics announced Tuesday that it has raised $50 million (₹388 crore) in a round led by L Catterton, a consumer-focused private equity firm. The investment was part of Sugar’s Series D round, which witnessed participation from existing investors such as A91 Partners, Elevation Capital and India Quotient.
Anjana Sasidharan, L Catterton Asia’s Managing Director, will join Sugar Cosmetics’ board of directors with this investment.
“We have been impressed with the way Sugar has maintained its momentum of rapid growth across online and offline channels while maintaining healthy business metrics. With a product-first mindset and a deep understanding of their target consumers, Sugar’s leadership team has built a strong foothold in the Indian cosmetics market, which is at an exciting inflection point of expansion,” said Sasidharan.
L Catterton has also invested in other beauty and personal care companies including Il Makiage, Intercos, The Honest Company, TULA, Bliss, Ci FLAVORS, ELEMIS, ETVOS, Function of Beauty, Marubi, MERIT and Sociolla.
Sugar Cosmetics plans to use this capital to radically expand in the beauty and personal care market in India. It believes a partnership with L Catterton – which works with 20 beauty and personal care companies in the Americas, Europe and Asia – could support this expansion.
“L Catterton’s brand-building and value-creating capabilities will fuel our growth as we continue on our journey to exceed the expectations of our customers and fans,”
IIM Ahmedabad alumni Vineeta Singh and Kaushik Mukherjee founded Sugar Cosmetics in 2015. It is an omnichannel cosmetics company present in thousands of stores and chain stores such as Shoppers Stop, Lifestyle, Central, Health & Glow and NewU.
The company also sells its products online through Amazon, Flipkart, Nykaa, and Myntra, along with their own websites and mobile apps. The company competes with other beauty and personal care brands such as Mamaearth, Nykaa’s own private label, WOW Skin, Plum, Unilever, L’Oreal and Procter & Gamble.
Earlier this month, CEO Vineeta Singh said in a
interview mentioned that Sugar Cosmetics plans to expand its presence to 60,000 stores — from its current 30,000 stores — in the next 12-15 months, as physical stores account for about 65% of the company’s sales.
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