Mumbai’s Sugar Cosmetics, a direct-to-consumer beauty company, is set to secure INR 38 crore (equivalent to US$4.5 million) from its current investors. Key backers in this funding round include Anicut Equity Continuum Fund, Elevation Capital, Malabar Investments, and L Catterton.
This latest infusion of capital comes in the wake of Malabar Investments acquiring a stake worth INR 80 crore in the previous year, hinting at potential secondary market actions slated for 2024. The financial report for SUGAR in the fiscal year 2024 indicates a 20% rise in operating revenue, which reached INR 505.1 crore. Additionally, the company’s losses reduced by 11%, equating to INR 67.6 crore.
Initiated in 2015 by Vineeta Singh and Kaushik Mukherjee, SUGAR has accumulated close to US$90 million in funding and maintains a presence in over 45,000 retail locations throughout India.
The freshly acquired capital will predominantly support the growth of its skincare collection, Quench Botanics, and extend the reach of its budget-friendly makeup line, SUGAR POP.