A Female Shark Is Going For The Big Bite!

Photo by Kier In Sight on Unsplash

Of course, we remember Vineeta Singh, co-founder, and CEO of Indian omnichannel beauty retailer SUGAR Cosmetics, from the Shark Tank episodes. This time, the entrepreneur has made the headlines again-but for a different cause. 

The Vineeta Singh-led makeup brand announced that it had raised $50 million in a round led by L Catterton.

Existing investors such as A91 Partners, Elevation Capital, and India Quotient were also found pumping funds in SUGAR’s Series D round.

Hop-On

Anjana Sasidharan, L Catterton Asia’s MD, will join SUGAR Cosmetics’ board following this investment.

“We have been impressed with how SUGAR has sustained its momentum of rapid growth across online and offline channels while maintaining healthy operating metrics,” Sasidharan said.

Let The SUGAR Love Flow

SUGAR Cosmetics plans to use this capital to grow its footprints in the beauty and personal care market in India. 

Joining hands with L Catterton — which works with 20 beauty and personal care companies across America, Europe, and Asia — can aid this expansion. L Catterton has also made investments in at least 20 other companies in the same space. 

The Lux-Relation

This is the first of Catterton’s deals in the country after it picked Sasidharan from Sequoia to head its India and SE Asia investments. 

This Greenwich-headquartered PE firm was founded when Louis Vuitton owner LVMH and French billionaire –  Bernard Arnault partnered with Catterton to form the leading consumer-focused private equity firm.

Beauty Plans?

SUGAR boasts over 40,000 retail outlets spread across 550 cities in the country. The company currently records annualised revenue of around $64.3 million. The figures are expected to catapult and hit $257.4 million over the next 2-3 years. 

Nykaa, are you listening?

Too long? Here’s a one-liner: SUGAR Cosmetics raises $50 million in fresh funding led by L Catterton and some existing investors; L Catterton Asia’s MD to join SUGAR’s board.

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