SUGAR Cosmetics Closes $50 Mn Series D Funding Led By L Catterton

The round saw participation from A91 Partners, Elevation Capital and India Quotient, among others

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Mumbai-based SUGAR Cosmetics, an omnichannel beauty company, has announced the close of its $50 million Series D fundraise led by the Asia fund of L Catterton, a major consumer-focused private equity firm.


The round saw participation from A91 Partners, Elevation Capital and India Quotient, among others.

"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," said Vineeta Singh, CEO, SUGAR.

Driven by consumers who are increasingly making cosmetics and skincare a part of their daily repertoire and experimenting with different types of products, the country's beauty and personal care market has expanded considerably over the past five years and is expected to reach approximately $21 billion in 2025. Rising adoption of online shopping and greater product penetration in secondary cities are also contributing to the market's enlargement.

"We have been impressed with how SUGAR has sustained its momentum of rapid growth across online and offline channels while maintaining healthy operating metrics. 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," said Anjana Sasidharan, Asia managing director, L Catterton.

Founded in 2012, SUGAR Cosmetics develops products in lips, eyes, face, nails and skin categories in facilities across Germany, Italy, India, USA and Korea. With a cruelty-free range that is high on style and higher on performance, the brand is obsessed with crafting products that are a perfect match for every Indian skin tone across seasons and around the calendar, said the company. SUGAR Cosmetics is currently scaling its physical presence with over 40,000 retail outlets across more than 550 cities.