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Exclusive | Shark Tank judge’s Sugar Cosmetics eyes $500 million valuation

Sugar Cosmetics' deal will also mark LVMH-backed L Catterton's first India deal, after it hired an executive from Sequoia India to lead investments.

mumbai / March 01, 2022 / 08:02 AM IST
Vineeta Singh and Kaushik Mukherjee.

Vineeta Singh and Kaushik Mukherjee.

Sugar Cosmetics, co-founded by husband-wife duo Kaushik Mukherjee and Vineeta Singh, the latter of whom was recently a ‘shark’ on the viral series Shark Tank India, is in talks to raise over $50 million at a valuation of about $500 million, a 5x jump in a year, said people familiar with the matter, requesting anonymity. The round will be led by L Catterton Asia, an investment firm partnering with Louis Vuitton Moët Hennessy (LVMH), and manages over $30 billion in assets globally, the people cited above said.

Sugar Cosmetics declined to comment while L Catterton did not respond to queries seeking comment.

Sugar currently sells lipsticks, eyeliners, face and eye brushes, and recently expanded into skincare segment, selling moisturisers and sheet masks. It currently has an annualised revenue of about Rs 320-350 crore, or about Rs 27-30 crore of net revenue a month, sources said. 

The deal and Sugar’s surging valuation represent a sharp uptick in consumption as well as funding for new-age beauty and personal care brands, which start selling online and look to leverage social media word-of-mouth, online trends and a democratised internet to grow fast and expand offline later.