L Catterton leads $50m round of Indian cosmetics firm

India-based Sugar Cosmetics has raised US$50 million in a series D round led by the Asia fund of L Catterton, a consumer-focused private equity firm.

Existing investors including A91 Partners, Elevation Capital, and India Quotient also took part in the fundraise.

Co-founders Vineeta Singh and Kaushik Mukherjee / Photo credit: Sugar Cosmetics

L Catterton’s expertise in building consumer brands across the world and its partnership with LVMH, the owner of luxury brand Louis Vuitton, will help Sugar Cosmetics develop its services amid the expansion of India’s beauty and personal care market, which is poised to hit US$33.3 billion by 2027.

Sugar Cosmetics creates beauty products for the lips, eyes, and face as well as for nailcare and skincare, among others. The company’s distribution network includes over 40,000 retail outlets across more than 550 cities in India. It has manufacturing facilities across Germany, Italy, India, Korea, and the US.

“At Sugar, we are devoted to creating innovative products that meticulously cater to the preferences of women with diverse skin tones and types who believe in expressing themselves with high-quality cosmetics and skincare products that complement their inner beauty,” said CEO Vineeta Singh.

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The company said it has more than quadrupled sales over the past three years, driven by the effective use of impact-focused content marketing targeted at a diverse range of consumer cohorts.

In February 2021, Sugar Cosmetics raised US$21 million in a series C round led by Elevation Capital. The startup was aiming to build its digital and retail distribution channels to extend its reach in existing and new geographies.