Sugar Cosmetics Nabs $50M Series D Funding from L Catterton

India's beauty industry is at an inflection point, according to L Catterton.
India's beauty industry is at an inflection point, according to L Catterton.

Sugar Cosmetics has received a series D series of funding totaling $50 million, led by L Catterton as well as existing investors such as A91 Partners, Elevation Capital and India Quotient. Sugar's series C funding totaled $21 million in 2021.

(L Catterton's other beauty investments include Il Makiage, Intercos, The Honest Company, Tula, Bliss, Elemis, Function of Beauty and Merit.)

The brand will be able to leverage L Catterton's "strategic relationship" with LVMH to drive growth in India's beauty and personal care market, which is reportedly set to grow to $21 billion in 2025.

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Sugar has purportedly quadrupled sales in the past three years via an expanding omnichannel presence across multiple tiers of Indian cities.

Sugar co-founder and CEO Vineeta Singh said, "Consumers are at the heart of all we do. At Sugar, we are devoted to creating innovative products that meticulously cater to the preferences of women with diverse skin tones and types who believe in expressing themselves with high-quality cosmetics and skincare products that complement their inner beauty. L Catterton shares our ethos of truly understanding what matters most to consumers, and my co-founder Kaushik and I are thrilled to welcome the firm as our partner. 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 and fans. We are also extremely grateful for our existing investors' unwavering faith in both of us and the unstoppable team that is making our collective dream a reality."

"We have been impressed with how Sugar has sustained its momentum of rapid growth across online and offline channels while maintaining healthy operating metrics," said Anjana Sasidharan, L Catterton Asia managing director, who will be joining the company's board. "With a product-first mindset and deep understanding of their target consumers, Sugar's leadership team has established a strong position in India's cosmetics market, which is at an exciting inflection point of expansion. 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." 

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