SUGAR Cosmetics, an Indian omnichannel beauty company, said Tuesday it has closed a $50 million Series D fundraise led by the Asian fund of consumer-focused private equity investment firm L Catterton.
The upsized round saw “strong interest” from multiple private equity funds with continued participation from existing investors A91 Partners, Elevation Capital and India Quotient, the company said.
The country’s beauty and personal care market has expanded considerably over the past five years and is expected to reach approximately $21 billion in 2025. Rising adoption of online shopping and greater product penetration in smaller cities are also contributing to the market’s enlargement.
SUGAR Cosmetics claims it has more than quadrupled sales over the past three years. The company, led by co-founder and CEO Vineeta Singh, said it is scaling its physical presence with over 40,000 retail outlets across more than 550 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,” said Anjana Sasidharan, L Catterton Asia Managing Director, who will be joining the company’s board.
Sasidharan said that India’s cosmetics market 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.”
L Catterton has significant experience investing globally in the beauty and personal care space. It has backed companies like Il Makiage, Intercos, The Honest Company, TULA, Bliss, Ci FLAVORS, ELEMIS, ETVOS, Function of Beauty, Marubi, MERIT and Sociolla, among others in the sector globally.
With approximately $33 billion of equity capital across its fund strategies and 17 offices around the world, L Catterton is one of the largest global consumer-focused private equity firm. Since 1989, the firm has made around 250 investments in consumer businesses.