February 09: Sugar Cosmetics recently has raised $21 Million in a Series C funding round that is led by Elevation Capital. The move was taken along with its existing investors A91 Partners with the participation of India Quotient and strategic venture debt from Stride Ventures.
These funds will be used to strengthen its digital and retail distribution across the country. Along with this, Sugar Cosmetics aims at doubling its revenue in the upcoming year. Previously, it had crossed Rs. 100 crore in the financial year 2020.
Started as a direct to consumer cosmetics brand, Sugar Cosmetics was launched by Vineeta Singh and Kaushik Mukherjee back in 2015. Currently, it sells online with the help of all leading e-commerce platforms. Not only this, but they also sell via offline outlets as well across India as of now.
Commenting on the funding, Vineeta Singh, co-founder and CEO at Sugar Cosmetics, quoted as saying in a statement, “A brand can only be as resilient as the team that drives it and for this, I thank my colleagues, our customers and existing investors who supported us through unpredictable times. Today, Kaushik and I are delighted to welcome Elevation Capital as the newest shareholder in our cap table as we power ahead to build a loved and enduring brand over the next decade.”
Sharing his take over the investment, Deepak Gaur who is a partner at Elevation Capital mentioned, “In a short period of time, Sugar has done a tremendous job in establishing itself as the go-to cosmetics brand for modern-day Indian women. We are super excited to be a part of the next chapter of their journey.”