Indian based start-up, SUGAR Cosmetics announced that the company successfully raised funds worth $ 50 million USD in their latest round of funding which was mainly led by L Catterton. This funding put the company’s value at close to half a billion dollars. Many other fund management and venture capital firms also took part in this round of investments including Elevation Capital.
This funding has taken place during a time where investments are taking a much longer to time to complete and for the round to come to an end which has caused many companies to pause their advertising, their hiring process, and other important and regular operations.
Ever since the company’s inception, SUGAR Cosmetics has gone on to raise around $ 85.5 million USD.
SUGAR Cosmetics is a direct 2 consumer start-up company that sells a wide range of cosmetic products such as make up products, a wide range of skin products for various skin types, and many types of face and eye brushes. The company was founded 10 years ago back in 2012 by Mrs. Vineeta Singh. Its head office is situated in Navi Mumbai. The company even ships their products worldwide. The company’s revenue is estimated to be around Rs. 350 crores every year on average which equates to around Rs. 30 crores worth of revenue every month making it a very successful company in the cosmetics section in the country.
Recently, the company decided to try out different avenues and delved away from exclusively e-commerce and has opened up a few retail stores across the country. This decision has received a positive response and the company went on to open over a hundred retail stores across the country.
Mrs. Vineeta Singh said recently that the company will be looking more into offline sales and will be focusing a lot on retail sales and expansion, improving the customer experience, the range of products and its distribution.
They even plan to improve their distribution within the country and internationally and even creating a stronger footprint with their e-commerce website and digital outlets.
She also went on to say that the company will continue to be pushing out content on their website and social media platforms to educate the people about the importance of cosmetics and how to use them to bring the best out of you. With this investment, they will be looking to get ahead of their competition like Mamaearth and seize more of the market share.