SUGAR Cosmetics, India’s largest omnichannel beauty company, has reportedly raised USD 50 million in a Series D funding round that was led by L Catterton’s Asian fund, a consumer-focused private equity firm, and also saw participation from existing investors such as Elevation Capital, A91 Partners, and India Quotient.
L Catterton is known to be an expert in building enigmatic consumer brands worldwide and has a strategic relationship with LVMH (Louis Vuitton) which is expected to empower SUGAR’s growth momentum amid the expansion of India’s beauty and personal care market in India.
Vineeta Singh, the Co-founder & CEO at SUGAR cited that L Catterton shares their spirit of comprehending what matters most to the consumers, and along with co-founder & COO Kaushik Mukherjee, the duo is thrilled to welcome the private equity firm as their partner. The firm’s brand-building and value-creation capabilities will fortify SUGAR Comsetics’ growth as they march on the journey of delighting and over-delivering on the customer’s expectations.
The beauty and personal care market has considerably expanded over the past five years and is expected to reach USD 21 billion by 2025. Moreover, the market is driven by consumers who are using skincare and cosmetic products as a part of their daily repertoire as well as experimenting with different types of products.
The rising adoption of online shopping and greater product penetration in tier 2 cities are positively influencing the overall industry growth. Amidst these trends, SUGAR has quadrupled its sales in the past three years as well as acquired a loyal customer base with the support of an extensive portfolio of high-quality products.
For those unaware, L Catterton has invested globally in the beauty and personal care business space which includes ELEMIS, TULA, Bliss, Ci FLAVORS, ETVOS, IL Makiage, Function of Beauty, Intercos Group, Marubi, The Honest Company, Inc., MERIT, and Sociolla.
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