Sugar Cosmetics, a direct-to-consumer (D2C) cosmetics and personal care brand, has raised $50 million in a round led by L Catterton and joined by existing investors A91 Partners, Elevation Capital, and India Quotient.
The brand previously stated that the beauty brand’s current annualised sales run rate is around Rs 500 crore and that it expects to achieve Rs 2,000 crore in the next 24-36 months.
Sugar said it would expand its physical presence to over 40,000 retail outlets across 550 cities.
Sugar, founded in 2012 by husband-and-wife duo Vineeta Singh and Kaushik Mukherjee, focuses on online and offline sales.
“The firm’s brand-building and value-creation capabilities will fortify our growth as we continue on our journey of delighting and over-delivering on the expectations of our customers,” Singh said.
L Catterton’s expertise in building iconic consumer brands worldwide and strategic relationship with LVMH will empower Sugar to embark on its next stage of growth amid an expansion in India’s beauty and personal care market, the company said in a statement.
Singh said the company could look at more acquisitions in FY23 and FY24.
“We look forward to partnering with the company to thoughtfully unlock international exposure and drive further growth, leveraging our experience of working with over 20 beauty and personal care companies in L Catterton’s portfolio across the Americas, Europe, and Asia,” said Anjana Sasidharan, L Catterton Asia managing director.