Sugar Cosmetics, a Mumbai-based cruelty-free makeup brand, announced that it has raised $2 million debt funding led by Stride Ventures. The venture debt fund said it has partnered with an Indian private bank for this deal.
“In a fiercely competitive landscape, Sugar has managed to stand apart in a short span of time. Their branding, market strategy and offering of affordable premium products greatly appeal to the growing younger demographic,” Ishpreet Gandhi, founder and managing partner at Stride Ventures, said. “The brand has quickly become a household name in the lifestyle segment and we are excited to partner with them in their journey.”
Founded by Kaushik Mukherjee and Vineeta Singh, Sugar Cosmetics offers a range of make-up products suited for Indian skin tones.
Commenting on the funding, Vineeta Singh, cofounder and CEO of Sugar Cosmetics, said, “Sugar plays in a high gross margin category which makes debt a fantastic choice for us. With superior product-market fit and long-term growth appetite, we are excited about working with Stride and their partner private bank and announce $2 million as the first tranche of the Series C funding that we hope to close later this year.”
The company plans to deploy the current funding for working capital and inventory requirements and “fuel aggressive growth through the peak sales season as demand returns to pre-Covid peak levels”.
Sugar Cosmetics is inspired by and targeted towards bold, independent women who refuse to be stereotyped into roles. Besides its online presence, the brand said it is also available offline across 2,400 retail outlets in over 130 cities.
Manufactured in state-of-the-art facilities across Germany, Italy, India, USA and Korea the brand ships its bestselling products across Lips, Eyes, Face and Nail categories across the world.
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