Mumbai-based cosmetics start-up Sugar Cosmetics has raised $2 million (Rs 15 crore) in a Series C funding round led by Stride Ventures.
Sugar Cosmetics will utilise the funds to fuel its aggressive expansion plan and strengthen its presence in the Indian market. Commenting on the funding, Vineeta Singh co-founder and CEO, at Sugar Cosmetics in a statement said: “Sugar plays in a high gross margin category which makes debt a fantastic choice for us. With superior product-market fit and long-term growth appetite, we are excited about working with Stride and their partner private bank and announce $2 million as the first tranche of the Series C funding that we hope to close later this year.” Ishpreet Gandhi, founder and managing partner of Stride Ventures, added: “In a fiercely competitive landscape, Sugar has managed to stand apart in a short time. The brand has quickly become a household name in the lifestyle segment and we are excited to partner with them in their journey.” Launched in 2015 by IIM-Ahmedabad graduates Vineeta Singh and Kaushik Mukherjee, Sugar Cosmetics currently sells online, as well from its own offline outlets across India. The company had clocked net revenue of Rs 105 crore in the financial year 2020.