SUGAR Cosmetics Raises USD 50 Million In Round Led By L Catterton
SUGAR announced this week that it has closed a Series D funding of USD 50 million, led by Asia fund of L Catterton, consumer-focused private equity firm. It has raised a total of USD 85 Million in funding over 4 rounds. Their latest funding was raised on 30 May, 2022 from a Series D round. Funded by 8 investors A91 Partners and India Quotient are the most recent investors.
This upsized round had seen strong interest from multiple private equity funds, along with continued interest from existing backers such as A91 Partners, Elevation Capital and India Quotient.
SUGAR was crafted and manufactured in state-of-the-art facilities across Germany, Italy, India, the USA and Korea, the brand ships its best selling products in Lips, Eyes, Face, Nails and Skin categories across the world.
The brand stands tall with a cruelty-free range that is high on style and higher on performance, the brand is obsessed with crafting products that are a perfect match for every Indian skin tone across seasons and around the calendar. Backed by the trust of marquee investors and the love of millions of makeup enthusiasts, SUGAR Cosmetics is rapidly scaling its physical presence with 10,000+ retail outlets across 130+ cities and a mission of reaching the doorstep of every makeup user in the country.
The company has quadrupled its sales over the past 5 years. It added that it deploys new-age, impact-focused content marketing to develop lasting emotional connections.
The enabler was the company's strong proliferation of online shopping and the creation of a robust local ecosystem of offline distribution partners that attracted customers from metros to Tier I and II cities. SUGAR Cosmetics is a cruelty-free makeup brand that offers a wide range of premium makeup products. It had acquired ENN Beauty on Jan 13, 2022.
Vineeta Singh, CEO, SUGAR Cosmetics said, “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. Investor’s brand-building and value creation capabilities will fortify its growth.”
Anjana Sasidharan, Managing Director and Head of Growth Investments, L Catterton said, “We have been impressed with how SUGAR has sustained its momentum of rapid growth across online and offline channels while maintaining healthy operating metrics. With a product-first mind-set 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.”
SUGAR Cosmetics is rapidly scaling its physical presence with over 40,000 retail outlets across over 550 cities. SUGAR Cosmetics is a cult favourite amongst millennials and is one of the fastest growing premium beauty brands in India. With its clutter-breaking persona, signature low-poly packaging, and chart-topping products, SUGAR is the makeup of choice for bold, independent women who refuse to be stereotyped into roles.