SUGAR raises $21 million Series C funding

Make-up brand SUGAR Cosmetics has raised $21 million (Rs 153 crore) in its Series C funding round led by Elevation Capital (formerly SAIF Partners).

The company will utilize the funding to build both digital and retail distribution.

“While the COVID-19 disruption was a spanner in the works, we were quick to bounce back to 150% of our pre-pandemic revenues last quarter and that too profitably,” said Vineeta Singh, co-founder of SUGAR.

SUGAR was founded by Singh and Kaushik Mukherjee, both Indian Institute of Management-Ahmedabad alumni, in 2012. The company offers a range of make-up products and everyday skincare products.

While eCommerce still accounts for 50% of SUGAR’s revenue, the brand has also built an omnichannel distribution network that includes over 10,000 retail outlets across 130 cities in the country.