SUGAR Cosmetics ‘glows’ post $21 million Series C funding

One of the prominent cosmetic players, SUGAR Cosmetics has recently made it to the headlines following its announcement of raising USD 21 million in Series C funding round. It has been reported that the funding round was led by Elevation Capital with participation from current investors A91 Partners, Stride Ventures, and India Quotient.

Currently, SUGAR stands to be one of the Top 5 cosmetics brand by sales contribution at most stores of retail chains including Shoppers Stop, Lifestyle, and Health and Glow. Attaining closure in FY20 at a net remuneration of Rs 105 crore, the company now enjoys a net revenue run rate of approximately Rs 200 crore with an aim to augment the capitalization in the upcoming 12 months.

Commenting on the recent accomplishment, Co-Founder and CEO of SUGAR Cosmetics- Vineeta Singh, cited that the with the company’s escalated jump in revenue over the last 2 fiscal years, members are extremely grateful to all the customers who have laid their belief in their mission to make robust quality inclusive beauty accessible to almost everyone.

She added that with this financing round, both the founders are extremely delighted to welcome onboard Elevation Capital as the newest shareholder as the company looks to power ahead to build a much loved and ensuring brand over the next decade.

Meanwhile, investment Partner at Elevation Capital- Deepak Gaur- quoted that by commencing out digital first and obsessing over the needs of their users, SUGAR has not only built a playbook to create efficient products suited for the Indian market, but also has augmented cognizance about vivid make-up products via its social media channels.

He added that the investment firm is super elated to be a part of the next growth chapter of SUGAR’s journey in the near future.

Source Credit: https://www.indiaretailing.com/2021/02/08/beauty-and-wellness/sugar-cosmetics-raises-21-million-in-series-c-funding-to-fuel-omnichannel-growth/