Mumbai-based cosmetics startup(“SUGAR”), on Tuesday announced the close of its $50 million Series D round led by the Asia fund of L Catterton, a global consumer-focused private equity firm.
Existing investors A91 Partners, Elevation Capital and India Quotient also participated in this round.
SUGAR was founded in 2012 by IIM-Ahmedabad graduates and husband-wife duo Vineeta Singh and Kaushik Mukherjee. It offers make-up products to suit the Indian skin tones. Through a combination of fast-paced ecommerce expansion, accelerated partnerships with general and modern trade stores, as well as diligent same-store-sales growth, SUGAR has also established a strong omnichannel presence across India.
SUGAR Co-founder and Chief Executive Officer Vineeta Singh said,
“Consumers are at the heart of all we do. At SUGAR, we are devoted to creating innovative products that meticulously cater to the preferences of women with diverse skin tones and types who believe in expressing themselves with high-quality cosmetics and skincare products that complement their inner beauty.”
“L Catterton shares our ethos of truly understanding what matters most to consumers, and my co-founder Kaushik and I are thrilled to welcome the firm as our partner. The firm’s brand-building and value-creation capabilities will fortify our growth as we continue on our journey of delighting and over-delivering on the expectations of our customers and fans. We are also extremely grateful for our existing investors’ unwavering faith in both of us and the unstoppable team that is making our collective dream a reality.”
“We have been impressed with how SUGAR has sustained its momentum of rapid growth across online and offline channels while maintaining healthy operating metrics,” added Anjana Sasidharan, L Catterton Asia Managing Director, who will be joining the company’s board.
“With a product-first mindset and deep understanding of their target consumers, SUGAR’s leadership team has established a strong position in India’s cosmetics market, which is at an exciting inflection point of expansion. We look forward to partnering with the company to thoughtfully unlock international exposure and drive further growth, leveraging our experience of working with over 20 beauty and personal care companies in L Catterton’s portfolio across the Americas, Europe, and Asia.”
L Catterton has significant experience investing globally in the beauty and personal care space. Current and past investments in the space include Il Makiage, Intercos, The Honest Company, TULA, Bliss, Ci FLAVORS, ELEMIS, ETVOS, Function of Beauty, Marubi, MERIT, and Sociolla, among others.