Sugar Cosmetics closes Series C funding round, valuation doubles
Beautytech startup Sugar Cosmetics raised $21 mn in a Series C funding round led by Elevation Capital, formerly SAIF Partners. The colour cosmetics brand was valued at more than $100 mn, doubling its valuation from its previous funding round.
Existing investors A91 Partners and India Quotient also participated in the round. The startup aims to sell through 40,000 retail outlets over the next 12-18 months compared to 10,000 currently. During the lockdown the direct to consumer brand saw almost 70-80% of sales coming from the online channel.
“We will invest the amount in bolstering our R&D, focus on content creation and expand our distribution abilities,” said Vineeta Singh, co-founder and CEO, Sugar Cosmetics, without sharing financial details.