SUGAR Cosmetics (SUGAR), an omnichannel beauty company, announced the close of its $50 million Series D fundraise led by the Asia fund of L Catterton, the largest global consumer-focused private equity firm.
The upsized round saw strong interest from multiple private equity funds with continued participation from existing investors – A91 Partners, Elevation Capital, and India Quotient – firmly placing the company on track to further capitalize on its growth momentum in the rapidly expanding beauty and personal care market in the country, the statement said.
SUGAR Co-Founder and Chief Executive Officer 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,” commented 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.”
L Catterton has significant experience investing globally in the beauty and personal care space. Current and past investments in the space include Il Makiage, Intercos, The Honest Company, TULA, Bliss, Ci FLAVORS, ELEMIS, ETVOS, Function of Beauty, Marubi, MERIT, and Sociolla, among others.
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