Mumbai-based direct-to-consumer (D2C) beauty brand SugarCosmetics has raised INR 38 crore (US$4.5 million) in a new funding round, led by existing investors including Anicut Equity Continuum Fund, Elevation Capital, Malabar Investments, and L Catterton. This round follows Malabar Investments’ INR 80 crore stake acquisition last year and signals potential secondary transactions in 2024.
SugarCosmetics, founded in 2015 by Vineeta Singh and Kaushik Mukherjee, has raised around US$90 million to date. The brand’s financials for FY24 reveal a 20% increase in operating revenue, reaching INR 505.1 crore, while narrowing losses by 11% to INR 67.6 crore. The company now operates in over 45,000 retail stores across India.
The newly secured capital will be directed toward scaling its skincare line, Quench Botanics, and expanding distribution of its affordable cosmetics sub-brand, SUGAR POP.
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