Sugar Cosmetics raises $21 million in Series C funding to fuel its expansion
Sugar Cosmetics has raised $21 Million (Rs 153 crore) in a Series C funding round led by Elevation Capital (formerly, SAIF Partners), along with existing investors A91 Partners, India Quotient participating and strategic venture debt from Stride Ventures.
The company will be using the funds to strengthen its digital and retail distribution across the country. On the back of its omnichannel expansion, Sugar Cosmetics aims to double its revenue next year. It had crossed Rs 100 crore in the financial year 2020.
Commenting on the funding, Vineeta Singh, co-founder and CEO at Sugar Cosmetics, in a statement said: “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.”
Speaking on this investment, Deepak Gaur, partner at Elevation Capital, added: “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.”
Sugar Cosmetics was started as a direct-to-consumer cosmetics brand by Vineeta Singh and Kaushik Mukherjee in 2015. It currently sells online on all leading e-commerce platforms, as well as from its offline outlets across India.
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