L Catterton gives Sugar Cosmetics $50 million.
Sugar has brought about $21 million up in February 2021 driven by Elevation Capital, previously SAIF Partners. The variety of beauty care products brand was valued at more than $100 million.
The Mumbai-based organization had launched its subsidizing venture with $2 million from adventure obligation reserve Stride Ventures in October 2020. It raised Rs 85 crore from A91 Partners in March 2019.
The magnificence brand’s current annualized income run rate is around Rs 500 crore and that is supposed to arrive at Rs 2,000 crore over the course of the following 24 three years according to the organization.
Sasidharan further mentioned in one of the statements “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,”.
Established in 2012 by spouse-wife couple Vineeta Singh and Kaushik Mukherjee, Sugar centers around having both the web and disconnected deals channels.
It has been found out that, Sugar Cosmetics which is also one of the quickest developing premium magnificence brands in India, is at present extending its actual presence with in excess of 40,000 retail outlets across 550 urban communities.
L Catterton’s mastery in building notorious purchaser brands across the world as well as the vital relationship with LVMH will engage Sugar to set out on its next phase of development while being in the midst of an extension in India’s magnificence and individual consideration market, the organization had said in a statement.
L Catterton has also additionally made interests and further invested in different organizations in the magnificence and individual consideration space including Il Makiage, Intercoms, The Honest Company, TULA, Bliss, Ci FLAVORS, ELEMIS, ETVOS, Function of Beauty, Marubi, MERIT, and Sociolla.
Not just this but in January, its parent organization, Vellvette Lifestyle got a greater part stake in ENN Beauty, reinforcing its play in the hair and skin health management fragments.
Singh said the organization could check out additional acquisitions in FY23 and FY24.
Sugar’s lead financial backer in the round, L Catterton, has experience putting all around the world in the magnificence and individual consideration space and has supported any semblance of US-based excellence brands Makiage, Intercoms, The Honest Company, and Tula among others.
The organization additionally sells its items online through Amazon, Flipkart, Nykaa, and Myntra, alongside their own sites and versatile applications. The organization contends with other magnificence and individual consideration brands, for example, Mamaearth, Nykaa’s own confidential name, WOW Skin, Plum, Unilever, L’Oreal as well as Procter and Gamble.
Recently, CEO Vineeta Singh in a meeting referenced that Sugar Cosmetics intends to extend its presence to 60,000 stores — from the ongoing 30,000 stores — over the course of the following 12-15 months as physical records for around 65% of the organization’s income.