The actor Ranveer Singh invests in SUGAR Cosmetics as his first venture
In the past three years, SUGAR's sales increased more than fourfold.
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Ranveer Singh, a famous actor from Bollywood, staked his first startup wager on SUGAR Cosmetics, a leading omnichannel cosmetics company in India.
SUGAR launched as a direct-to-consumer brand in 2015 and quickly entered the offline market in 2017. The brand currently has a physical presence of more than 45,000 retail touch points spread over 550 locations and produces annual sales of more than Rs 550 crore.
In the past three years, SUGAR's sales increased more than fourfold.
According to Singh, "defying convention has been ingrained in my DNA, and I take delight in working with a business that supports women's empowerment."
Co-founder and CEO of SUGAR, Vineeta Singh, said, "If anyone has our same DNA, it's Ranveer! SUGAR is the makeup of choice for strong, independent women who reject stereotypes! The relationship is a perfect fit for his outgoing, eccentric nature."
The announcement comes shortly after the $50 million Series D funding led by L Catterton's Asia fund, the largest global private equity firm specialising in consumer-focused investments. The upsized round attracted a lot of private equity funds, and existing investors A91 Partners, Elevation Capital, and India Quotient continued to take part.
