SUGAR Cosmetics is an exclusive cruelty-free makeup brand that has recently announced to have raised USD 21 million in its latest Series C funding round led by Elevation Capital which was previously known as SAIF Partners.
According to sources, the funding round also saw participation from SUGAR’s existing investors including Bengaluru-based A91 Partners, Mumbai-based early-stage investor- India Quotient and New Delhi-based Venture Capital firm- Stride Ventures.
Founded back in 2012 by Kaushik Mukherjee and Vineeta Singh, SUGAR Cosmetics is one of the fastest-growing premium beauty brands in India that has become the cult favourite among millennials, Gen Z and young adults. SUGAR offers premium chart-topping products in Beauty and Skincare niche and has become a primary make-up choice for bold and independent women who wish not to be stereotyped into roles of the Indian society.
These makeup products are specifically made for Indian skin tones and e-commerce is again a top priority for Indian customers, contributing over 50% of SUGAR’s revenue. As mentioned in reports by several sources, the makeup brand has successfully built an omni channel distribution network that includes over 10,000 offline retail outlets across more than 130 cities.
Vineeta Singh, co-founder and Chief Executive Officer at SUGAR Cosmetics says that the brand has recorded six times growth in revenues in over last two financial years. She added that the team at SUGAR is extremely grateful to all its customers that believe in their high-quality beauty products that are readily acce3ssible to everyone. Furthermore, she mentioned that COVID-19 disruption was a major hit for the brand but they were successful and profitable in bouncing back to 150% of pre-COVID 19 revenues in the last monthly quarter. Concluding her statement, she mentioned how SUGAR Cosmetic’s team is delighted to welcome Elevation Capital as their new shareholder. Together they aim to build an enduring brand over the next ten years, she mentioned.
When asked about the latest infusion of funds, the start-up mentioned utilising the money to keep its fast-moving product range ‘ahead of the curve’. The company aims to build digital as well as retail distribution to expand the brand’s reach in newer geographies and even existing ones.
SUGAR Cosmetics app is available in Google Play Store and Apple App Store which has recorded around a million downloads with an average rating of 4.7 star which clearly indicates how the brand is being loved by Indian customers.
As mentioned in a report by VOLA News, the start-up is expecting to open more than 40,000 outlets in the current Financial Year 2021.