Weekend Leader – Ranveer Singh Makes His First Startup Investment With SUGAR Cosmetics Sales Volume of Rs 550 Crore
Ranveer Singh (centre) with Veneta Singh and Kaushik Mukherjee
SUGAR Cosmetics, one of India’s largest multi-channel beauty company, today announced Bollywood Superstar Ranveer Singh as its newest investor.
SUGAR Cosmetics started as a D2C brand in 2015 which quickly entered offline commerce in 2017. Today, the brand generates annual sales of over Rs 550 crore with a physical presence in over 45,000 retail touch points across 550 cities as of today.
With a wide range of high-quality products that resonate with consumers, SUGAR has developed a loyal customer base and has more than quadrupled its sales in the past three years.
Ranveer’s investment announcement comes shortly on the heels of a $50 million Series D fundraising led by L Catterton’s Asia Fund, the world’s largest consumer-focused private equity firm.
The enlarged round saw strong interest from several private equity funds as existing investors – A91 Partners, Elevation Capital and India Quotient – continued to participate.
Excited about his new partnership, Ranveer Singh said, “The challenge of tradition has been embedded in my DNA and I am proud to partner with a brand that believes in empowering women.
“I have been impressed by SUGAR’s ability to build massive fans over the years and am excited to be a part of this journey and (hope) to help the brand achieve its mission of providing Indian women with access to high quality makeup products formulated especially for them.”
Commenting on the announcement, Vineeta Singh, Co-Founder and CEO of SUGAR Cosmetics said, “We are so happy to welcome Ranveer into the SUGAR family. SUGAR is the makeup of choice for bold, independent women who refuse to be portrayed in roles, and if someone shares the same DNA as us, it’s Ranveer! His personality of being bold, quirky, and lively makes the partnership a natural fit.”
“We are delighted to have Ranveer on board as we look forward to strengthening our brand’s outreach to consumers,” said Kaushik Mukherjee, co-founder and COO of SUGAR Cosmetics.
“He is undoubtedly one of the country’s most popular youth icons and his unstoppable, chaos-breaking personality fits right in with SUGAR’s brand ethos. This will help fuel our growth trajectory as we continue aggressively expanding Sugar to make it a large and much-loved makeup and beauty brand.” .