THE WHAT? Sugar Cosmetics has announced that it has closed its US$50 million Series D fundraising round, led by LVMH’s L Catterton Asia fund.
THE DETAILS The Indian omnichannel beauty firm said that the upsized round saw strong interest from multiple private equity funds, including existing investors A91 Partners, Elevation Capital and India Quotient.
“L Catterton shares our ethos of truly understanding what matters most to consumers, and my co-founder Kaushik and I are thrilled to welcome the firm as our partner,” said Sugar Co-Founder and Chief Executive Officer Vineeta Singh. “The firm’s brand-building and value-creation capabilities will fortify our growth as we continue on our journey of delighting and over-delivering on the expectations of our customers and fans. We are also extremely grateful for our existing investors’ unwavering faith in both of us and the unstoppable team that is making our collective dream a reality.”
THE WHY? Anjana Sasidharan, L Catterton Asia Managing Director, commented, “We have been impressed with how Sugar has sustained its momentum of rapid growth across online and offline channels while maintaining healthy operating metrics. With a product-first mindset and deep understanding of [its] 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.”