SUGAR, a beauty brand with over 2,400 stores in India, gets funding

SUGAR Cosmetics, a homegrown Indian beauty brand, has recently secured $2 million in debt funding, led by Stride Ventures. The investment firm may become a strategic partner for SUGAR Cosmetics in the future, the company said. The debt financing is the first part of the company's Series C round, which is likely to close later this year.

SUGAR Cosmetics is known to have been founded in 2012 in Mumbai, Maharashtra, India by its founder Vineeta Singh along with Kaushik Mukherjee. It has a product line ranging from cosmetics to daily skin care products and has over 2,400 outlets in over 130 cities in India with both online and offline services. The company's products are meticulously designed with a style all their own.

Moreover, SUGAR Cosmetics focuses on the quality and performance of its products so as to meet the needs of its consumers. Its products are attracting more and more young people due to the competitive prices of its products and the company's well-done branding and marketing strategies.

It is reported that SUGAR Cosmetics' revenue has increased sixfold in two years. As of March 2020, the company's net sales stood at Rs 1.05 lakh crore. Last year, it had net sales of Rs 571.4 million.

In 2013, SUGAR Cosmetics received a seed round of funding from early-stage venture capital firm India Quotient. Additionally, in 2017, Singapore-based RB Investments became a new investor in the company.

Vineeta Singh, CEO of homegrown Indian beauty brand Sugar Cosmetics, has said that the beauty boom in India can be attributed to two factors: first, the improving Indian economy in recent years has led to a surge in spending power and disposable income, with more and more women indulging in makeup; and second, the brand is connecting consumers through the internet.