Bollywood superstar Ranveer Singh made his first startup bet on SUGAR Cosmetics, one of India's top omnichannel beauty brands.
SUGAR began in 2015 as a direct-to-consumer brand and soon expanded into offline trade in 2017. The brand now generates yearly sales of more than Rs 550 crore and has a physical presence of more than 45,000 retail touch points across 550 locations.
SUGAR has seen more than fourfold increase in sales in the previous three years.
Singh said, "Defying the conventional has been embedded in my DNA and I take pride in partnering with a brand that believes in empowering women."
Vineeta Singh, cofounder and CEO of SUGAR, said, "SUGAR is the makeup of choice for bold, independent women who refuse to be stereotyped into roles and if someone shares the same DNA as ours, it is Ranveer! His personality of being bold, quirky, and vibrant makes the partnership a natural fit."
The announcement closely follows the $50 million Series D financing spearheaded by the Asia fund of L Catterton, the biggest global consumer-focused private equity firm. Numerous private equity funds expressed considerable interest in the upsized round, and current investors A91 Partners, Elevation Capital, and India Quotient continued to participate.
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