SUGAR Cosmetics closes $50 million series D funding led by L Catterton

SUGAR Cosmetics (SUGAR), one of India’s largest omnichannel beauty companies has closed a $50 million Series D fundraise led by the Asia fund of L Catterton, the largest global consumer-focused private equity firm.

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 round has placed the company on track to further capitalise on its growth momentum in the rapidly expanding beauty and personal care market in the country.

L Catterton’s expertise in building iconic consumer brands across the world and strategic relationship with LVMH (Louis Vuitton owner) will empower SUGAR to embark on its next stage of growth amid the expansion of India’s beauty and personal care market.

“L Catterton shares our ethos of truly understanding what matters most to consumers, and my co-founder Kaushik (Mukherjee) 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.”

Driven by consumers who are increasingly making cosmetics and skincare a part of their daily repertoire and experimenting with different types of products, the country’s beauty and personal care market has expanded considerably over the past five years. It is expected to reach approximately $21 billion in 2025. The rising adoption of online shopping and greater product penetration in secondary cities are also contributing to the market’s enlargement.

With an extensive portfolio of high-quality products that resonate with consumers, SUGAR has cultivated a loyal customer base and has more than quadrupled sales over the past three years.

“We are devoted to creating innovative products that meticulously cater to the preferences of women with diverse skin tones and types,” said Singh of SUGAR.

Through a combination of fast-paced e-commerce expansion, accelerated partnerships with general and modern trade stores, as well as same-store-sales growth, SUGAR has also established a strong omnichannel presence across India. The company said its ability to simultaneously take advantage of the proliferation of online shopping while creating a robust local ecosystem of offline distribution partners has enabled it to attract and retain shoppers across the entire spectrum from metros to Tier II and III cities.

“With a product-first mindset and deep understanding of their 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,” said Anjana Sasidharan, L Catterton Asia Managing Director, who will be joining the company’s board. “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. Current and past investments in the space include Il Makiage, Intercos, The Honest Company, TULA, Bliss, Ci FLAVORS, ELEMIS, ETVOS, Function of Beauty, Marubi, MERIT, and Sociolla.