SUGAR Cosmetics has raised $2 Mn debt funding in the first tranche of the Series C funding round. The round was led by leading venture debt fund Stride Ventures.
SUGAR offers make-up products to suit the Indian skin tones. The cosmetics startup has recorded about 6x growth in its revenues in the last two years. The cruelty-free brand clocked net revenue worth Rs 105 crore in FY 2020 itself. SUGAR works on a hybrid model with both offline and online presence across 2,400 outlets in over 130 cities.
Ishpreet Gandhi, Founder and Managing Partner at Stride Ventures, said: “In a fiercely competitive landscape, SUGAR has managed to stand apart in a short span of time. Their branding, market strategy, and offering of affordable premium products greatly appeal to the growing younger demographic. The brand has quickly become a household name in the lifestyle segment..."