Sugar Cosmetics has closed a US$50m Series D funding led by the Asia fund of private equity firm L Catterton.
One of India’s largest omnichannel beauty companies and a fast growing name in premium beauty, Gen Z and Millennial brand Sugar is anticipated to use the funding to double down on its digital-first beauty strategy.
The upsized round saw continued participation from existing investors A91 Partners, Elevation Capital and India Quotient.
“Consumers are at the heart of all we do,” said Sugar’s co-founder and Chief Executive Officer, Vineeta Singh.
“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 skin care products that complement their inner beauty.
“L Catterton shares our ethos of truly understanding what matters most to consumers.”
Anjana Sasidharan, L Catterton Asia’s Managing Director, who will be joining Sugar’s board, commented: “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.”
Sugar will join a roster of L Catterton-backed beauty brands including Il Makiage, Intercos, The Honest Company, Tula, Bliss, Ci Flavors, Elemis, Etvos, Function of Beauty, Marubi, Merit and Sociolla.
