As part of its Series D fundraising round, the beauty and cosmetics company SUGAR Cosmetics has attracted Bollywood actor Ranveer Singh as an investor. The amount of the funding was not made public by the company.
$50 million was raised by SUGAR Cosmetics in May 2022 as part of its Series D round, which was steered by L. Catterton’s Asia fund. A91 Partners, Elevation Capital, and India Quotient, all returning investors, also participated in the round.
There is an art to making something beautiful. IIM Ahmedabad alumni Vineeta Singh and Kaushik Mukherjee founded the luxury cosmetics company SUGAR. While giants like Lakmé, L’Oréal, and MAC Cosmetics ruled the market before SUGAR came along in 2012, they are no longer alone. The target was to deliver a range that worked better with the Indian skin tone and was more accessible to the average Indian consumer. As of now, SUGAR has grown at an incredible rate.
When the pandemic struck, the couple watched in horror as their carefully laid plans came tumbling down. The business quickly developed novel approaches to bolster the public’s faith in the company’s product. After tackling problems head-on by, for example, reducing overhead and reorganising the team, SUGAR Cosmetics has successfully carved out a niche for itself in the burgeoning beauty industry through a combination of social media marketing and an online storefront push.
“Content will continue to be a big push for us, We experienced its benefits firsthand during the pandemic. Our plan is to use effective influencer and social media marketing to grow our brand,” Vineeta says.
Despite suffering a setback during the pandemic, the cosmetic company has bounced back strongly in the years since. They’ve proven to the market just how far resistance can take you in the business world.
Sugar has become one of the big bulls in the makeup industry. Their strategy indicates that they are all set for a run to be the market leader in a few years.
The research conducted for this cosmetics firm is now available in a case study format for IIM-A students. Despite all the established competitors, the market has been stunned by the company’s potential.