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Total amount raised
$96M
Latest funding date
2025-07-22
Location
SUGAR Cosmetics has raised funding across multiple rounds, attracting support from investors including L Catterton, Elevation Capital, A91 Partners, Anicut Capital, India Quotient, Stride Ventures, and IMM Investment.
What Is SUGAR Cosmetics?
SUGAR Cosmetics is a Mumbai-based direct-to-consumer (D2C) beauty and personal care brand founded by Vineeta Singh and Kaushik Mukherjee. Known for its bold, high-quality makeup products, SUGAR has grown to operate thousands of retail touchpoints across India and has expanded internationally. The brand targets millennial and Gen Z consumers and has built a strong digital-first identity, supplemented by its offline retail presence and sub-brands including Sugar Pop and Quench Botanics.
How Much Funding Has SUGAR Cosmetics Raised?
- Series A
- Amount Raised: USD 2,500,000
- Date: June 2017
- Lead Investors: India Quotient, RB Investments Pte. Ltd.
- Series B
- Amount Raised: USD 12,000,000
- Date: March 2019
- Lead Investors: A91 Partners, Anicut Capital, India Quotient
- Debt Financing
- Amount Raised: USD 2,000,000
- Date: October 2020
- Lead Investors: Stride Ventures
- Series C
- Amount Raised: USD 21,000,000
- Date: October 2020
- Lead Investors: Elevation Capital
- Participants: A91 Partners, India Quotient, Stride Ventures
- Series D
- Amount Raised: USD 50,000,000
- Date: May 2022
- Lead Investors: L Catterton
- Participants: A91 Partners, Elevation Capital, India Quotient
- Angel / Series Unknown
- Amount Raised: Undisclosed
- Date: September 2022
- Investors: Ranveer Singh
- Secondary Market
- Amount Raised: USD 3,000,000
- Date: October 2024
- Lead Investors: IMM Investment
- Series E
- Amount Raised: INR 380,000,000 (~USD 4,500,000)
- Date: November 2024
- Lead Investors: Anicut Capital
- Participants: Elevation Capital, Malabar Investment, L Catterton
- Series Unknown (Equity)
- Amount Raised: INR 250,000,000 (~USD 2,895,427)
- Date: July 2025
- Lead Investors: Anicut Capital
- Participants: L Catterton
- Venture Debt
- Amount Raised: INR 150,000,000 (~USD 1,780,000)
- Date: July 2025
- Lead Investors: Stride Ventures
- Series D (Extension)
- Amount Raised: USD 3,420,000
- Date: August 2025
- Lead Investors: L N Bangur Group, A91 Partners
Total Amount Raised: At least $96M based on disclosed funding (includes USD-denominated rounds and INR-converted amounts; several early seed rounds and the September 2022 angel round amounts were undisclosed).
Key Investors
- L Catterton
- Details: L Catterton is the world's largest consumer-focused private equity firm. It led SUGAR's $50 million Series D in May 2022 and has participated in subsequent rounds, including the July 2025 equity round.
- Elevation Capital
- Details: Elevation Capital (formerly SAIF Partners) led the Series C round of $21 million in October 2020 and has continued to participate in later rounds including the Series E in 2024.
- A91 Partners
- Details: A91 Partners co-led the Series B in 2019 and has participated in multiple subsequent rounds, including the August 2025 extension.
- Anicut Capital
- Details: Anicut Capital co-led the Series B in 2019 and has been a consistent backer, most recently leading the July 2025 equity round and the Series E in November 2024.
- India Quotient
- Details: India Quotient was an early believer in SUGAR, co-leading the Series A in June 2017 and participating in subsequent rounds through Series D.
- Stride Ventures
- Details: Stride Ventures has provided debt financing across multiple rounds, including the $2M debt in October 2020 and venture debt in July 2025.
- IMM Investment
- Details: South Korean investment firm IMM Investment made a $3 million secondary market investment in SUGAR Cosmetics in October 2024 as its maiden India fund investment.
What's Next for SUGAR Cosmetics?
With continued backing from global and domestic investors, SUGAR Cosmetics is focused on strengthening its omnichannel retail strategy, expanding its international footprint, and scaling sub-brands like Sugar Pop and Quench Botanics. The brand aims to leverage its digital-first DNA to capture a larger share of India's fast-growing beauty and personal care market.
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