Omnichannel beauty firm, SUGAR Cosmetics has closed its $50 million Series D fundraise led by the Asia fund of L Catterton, one of the largest global consumer-focused private equity firms. The round saw strong interest from multiple private equity (PE) funds with continued participation from existing investors – A91 Partners, Elevation Capital and India Quotient.
SUGAR Co-Founder and Chief Executive Officer Vineeta Singh said, “We are creating innovative products that cater to the preferences of women with diverse skin tones and types who believe in expressing themselves with high-quality cosmetics. 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.”
SUGAR Cosmetics is rapidly scaling its physical presence with more than 40,000 retail outlets across 550-plus cities.
“We have been impressed with how SUGAR has sustained its momentum of rapid growth across online and offline channels while maintaining healthy operating metrics,” commented Anjana Sasidharan, L Catterton Asia Managing Director, who will be joining the company’s board. With approximately $33 billion of equity capital across its fund strategies and 17 offices around the world, L Catterton is a consumer-focused private equity firm. Since 1989, the firm has made about 250 investments in consumer businesses.
