Ranveer Singh makes his first start-up investment in Sugar Cosmetics, India’s fastest-growing beauty brand.
Sugar Cosmetics is a cruelty-free homegrown beauty brand that offers premium makeup products. Recently, on September 3, Ranveer Singh invested in Sugar Cosmetics. This marks Ranveer Singh’s first start-up investment. The amount invested by Ranveer in the growing beauty brand has not been disclosed yet.
Co-founder and CEO of Sugar Cosmetics, Vineeta Singh, expressed this partnership will open new pathways for customer acquisition, primarily in millennial and GenZ audiences.
Ranveer Singh expressed: “I take pride in partnering with a brand that believes in empowering women. I’ve admired Sugar’s ability to build a tremendous fan following and am excited to be a part of this journey.”
Sugar Cosmetics is close to becoming a unicorn company in India. ranveer singh
Sugar’s total funding is valued at $85.5 million. At the beginning of 2022, the beauty brand acquired ENN Beauty on January 13. So far, the brand has had four funding rounds. In Series A- it raised $2.5 Million, in Series B- $12 million, and $21 million in Series C, followed by $50 million in Series D funding in June 2022.
In the most recent funding on September 3, Ranveer Singh became an investor, the details for which remain undisclosed. Along with Ranveer, A91 Partners, Elevation Capital, India Quotient, and many others are investing in the women-empowered beauty brand.
Sugar’s revenue in FY21 was calculated at $16.68 million.
Sugar is a D2C brand that ventured into offline trade in 2017.
Vineeta Singh and Kaushik Mukherjee founded Sugar Cosmetics as a direct-to-consumer brand in 2012. In 2017, the brand ventured into offline trade and today records annual sales of more than Rs 550 crore. In addition, the beauty brand has more than 45,000 retail touch points in more than 550 cities in India.
