SUGAR Cosmetics

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SUGAR Cosmetics
Company typePrivate
IndustryCosmetics
Founded2015 (2015)
FounderVineeta Singh, Kaushik Mukherjee
HeadquartersMumbai, Maharashtra, India
Key people
Vineeta Singh (CEO), Kaushik Mukherjee (COO)
ProductsMakeup, skincare, nail products
Revenue₹222 crore (FY22)
Number of employees
1001–5000 (2025)
ParentVellvette Lifestyle Pvt. Ltd.
Websitewww.sugarcosmetics.com

SUGAR Cosmetics is an Indian direct-to-consumer (D2C) beauty brand specializing in cruelty-free makeup and skincare products tailored for Indian skin tones. Founded in 2015 by Vineeta Singh and Kaushik Mukherjee, the company has grown into one of India’s fastest-growing premium cosmetics brands, known for its vibrant products, signature low-poly packaging, and focus on empowering women. Operating an omnichannel model, SUGAR Cosmetics sells through its website, marketplaces like Nykaa and Amazon, and over 45,000 retail outlets across 550 cities. The brand has raised over $95 million in funding and achieved a valuation of approximately $500 million by 2022. With a strong digital presence and innovative marketing, SUGAR targets bold, independent women, particularly millennials and Gen Z.[1]

Founders & Leadership

  • Vineeta Singh (CEO): An IIT Madras and IIM Ahmedabad alumna, Singh rejected a ₹1 crore job offer from Deutsche Bank to pursue entrepreneurship. She founded her first startup, Quetzal, in 2007, and later Fab-Bag in 2012, before co-founding SUGAR Cosmetics. Singh is a judge on Shark Tank India and a vocal advocate for diversity in the beauty industry. She has been recognized in Forbes India’s W-Power list (2021) and is an IRONMAN triathlete.[2]
  • Kaushik Mukherjee (COO): Also an IIM Ahmedabad graduate, Mukherjee worked at McKinsey & Company and Amazon before co-founding SUGAR Cosmetics. His expertise in strategy and operations has been instrumental in scaling the brand’s omnichannel presence. Mukherjee is a recognized speaker at leadership forums and was featured in Fortune India’s 40 Under 40 list (2021).[3]

Timeline

Year Milestone
2012 Vineeta Singh and Kaushik Mukherjee launch Fab-Bag, a beauty subscription service.[4]
2015 SUGAR Cosmetics founded, focusing on Indian-specific makeup products.[5]
2016 Launched first liquid lipstick, gaining traction among Fab-Bag subscribers.[6]
2017 Expanded to offline retail with partnerships like Nykaa and Amazon.[7]
2018 Opened first offline store in Mumbai.[8]
2021 Raised $21 million in Series C funding; became a leading cosmetics brand in India.[9]
2022 Raised $50 million in Series D funding; acquired majority stake in ENN Beauty.[10]
2024 Secured $4.5 million in Series E funding from Anicut Capital.[11]

Funding

Date Round Amount Investors
2015 Seed ₹1 crore India Quotient[12]
2017 Series A Undisclosed A91 Partners, India Quotient[13]
2019 Series B ₹70 crore A91 Partners[14]
2021 Series C $21 million Elevation Capital, A91 Partners, India Quotient, Stride Ventures[15]
2022 Series D $50 million L Catterton, Elevation Capital, A91 Partners, India Quotient[16]
2024 Series E $4.5 million Anicut Capital, Elevation Capital, Malabar Investments, L Catterton[17]

Business Model

SUGAR Cosmetics operates a hybrid direct-to-consumer and omnichannel business model, selling through its website, e-commerce platforms like Nykaa, Amazon, and Flipkart, and over 45,000 retail outlets across 550 cities. The brand focuses on high-quality, affordable makeup and skincare products designed for Indian skin tones, targeting millennials and Gen Z women. Revenue is generated through online sales (45%), offline retail (45%), and international markets (10%). SUGAR emphasizes digital marketing, leveraging social media and influencer collaborations to build brand awareness, alongside content-driven campaigns promoting empowerment and individuality.[18][19]

Products / Services

SUGAR Cosmetics offers a wide range of cruelty-free beauty products, including:

  • Lips: Lipsticks, lip crayons, liquid lipsticks, lip glosses.
  • Eyes: Eyeliners, kajal, mascara, eyeshadows.
  • Face: Foundations, concealers, highlighters, blushes.
  • Nails: Nail polishes and nail lacquers.
  • Skincare: Moisturizers, serums, and face masks introduced in 2018.

Products are manufactured in facilities across India, Germany, Italy, the USA, and Korea, designed to suit Indian weather and diverse skin tones.[20]

Growth & Metrics

As of 2025, SUGAR Cosmetics operates in over 550 cities with more than 45,000 retail outlets. The company reported a revenue of ₹222 crore in FY22, a 75% increase from ₹117.6 crore in FY21, with an annualized revenue run rate of ₹500 crore in 2022.[21] It employs 1001–5000 people and has a digital audience of over 50 million. The brand’s valuation reached approximately $500 million in 2022.[22]

Legal Entity Information

Field Details
Legal Name Vellvette Lifestyle Pvt. Ltd.
Foundation Date 2015
Registrar of Companies (ROC) ROC Mumbai
Corporate Identification Number (CIN) U24246MH2012PTC235551
Registered Address 101, 1st Floor, Shangrila, 14th Road, Khar (West), Mumbai, Maharashtra 400052, India
Company Status Active
Directors Vineeta Singh, Kaushik Mukherjee
Authorized Share Capital ₹10 crore
Paid-up Capital ₹5 crore

[23]

Acquisitions and Investments

SUGAR Cosmetics acquired a 51% stake in ENN Beauty, a natural skincare and haircare brand, on 13 January 2022, to expand its portfolio.[24] The company has made no other acquisitions or investments.

Media & Public Recognition

SUGAR Cosmetics has been featured in Forbes India, Business Today, and Entrepreneur. Vineeta Singh was listed in Forbes India’s W-Power list (2021) and received multiple awards for her entrepreneurial achievements.[25] The brand’s innovative marketing and rapid growth were highlighted in YourStory and Inc42. In 2022, actor Ranveer Singh invested in the company and became its brand evangelist.[26] In 2023, Singh collaborated with Kareena Kapoor Khan to launch Quench Botanics, a Korean skincare brand.[27]

FAQs

What is SUGAR Cosmetics known for?
SUGAR Cosmetics is known for its cruelty-free makeup and skincare products designed for Indian skin tones, targeting millennials and Gen Z women with affordable, high-quality offerings.[28]
Who founded SUGAR Cosmetics?
The company was founded by Vineeta Singh and Kaushik Mukherjee in 2015.[29]
What is the business model of SUGAR Cosmetics?
SUGAR operates a hybrid D2C and omnichannel model, selling through its website, e-commerce platforms, and over 45,000 retail outlets.[30]
Has SUGAR Cosmetics acquired any companies?
Yes, SUGAR Cosmetics acquired a 51% stake in ENN Beauty in January 2022.[31]

External Links

Related Startups

References

  1. ↑ "SUGAR Cosmetics: Bold, Innovative, and Redefining Beauty in India". StartupTalky. 18 March 2025. Retrieved 25 May 2025.
  2. ↑ "Vineeta Singh". LiveMint. 21 February 2024. Retrieved 25 May 2025.
  3. ↑ "Kaushik Mukherjee - Co-founder & Chief Operating Officer". LinkedIn. Retrieved 25 May 2025.
  4. ↑ "From Setbacks to Success: An Inspiring Pivot Journey of SUGAR Cosmetics". Medium. 24 June 2023. Retrieved 25 May 2025.
  5. ↑ "SUGAR Cosmetics Company Profile". YourStory. 30 June 2023. Retrieved 25 May 2025.
  6. ↑ "From Setbacks to Success: An Inspiring Pivot Journey of SUGAR Cosmetics". Medium. 24 June 2023. Retrieved 25 May 2025.
  7. ↑ "Sugar Cosmetics: A Story of Struggle and Success". LinkedIn. 14 October 2023. Retrieved 25 May 2025.
  8. ↑ "Sugar Cosmetics: A Story of Struggle and Success". LinkedIn. 14 October 2023. Retrieved 25 May 2025.
  9. ↑ "A pivot and 58-month-long funding wait later, how SUGAR Cosmetics found sweet success as a D2C startup". YourStory. 29 March 2021. Retrieved 25 May 2025.
  10. ↑ "Indian Start-Up Sugar Cosmetics Closes $50 Million Series D". BeautyMatter. 1 June 2022. Retrieved 25 May 2025.
  11. ↑ "SUGAR Cosmetics Company Overview, Contact Details & Competitors". LeadIQ. Retrieved 25 May 2025.
  12. ↑ "From Setbacks to Success: An Inspiring Pivot Journey of SUGAR Cosmetics". Medium. 24 June 2023. Retrieved 25 May 2025.
  13. ↑ "Sugar Cosmetics: A Story of Struggle and Success". LinkedIn. 14 October 2023. Retrieved 25 May 2025.
  14. ↑ "How This Indian Cosmetic Maker Clocked a Turnover of INR100 Cr". Entrepreneur. 23 August 2019. Retrieved 25 May 2025.
  15. ↑ "A pivot and 58-month-long funding wait later, how SUGAR Cosmetics found sweet success as a D2C startup". YourStory. 29 March 2021. Retrieved 25 May 2025.
  16. ↑ "Indian Start-Up Sugar Cosmetics Closes $50 Million Series D". BeautyMatter. 1 June 2022. Retrieved 25 May 2025.
  17. ↑ "SUGAR Cosmetics Company Overview, Contact Details & Competitors". LeadIQ. Retrieved 25 May 2025.
  18. ↑ "How This Indian Cosmetic Maker Clocked a Turnover of INR100 Cr". Entrepreneur. 23 August 2019. Retrieved 25 May 2025.
  19. ↑ "SUGAR Cosmetics: Bold, Innovative, and Redefining Beauty in India". StartupTalky. 18 March 2025. Retrieved 25 May 2025.
  20. ↑ "SUGAR Cosmetics Company Profile". YourStory. 30 June 2023. Retrieved 25 May 2025.
  21. ↑ "SUGAR Cosmetics' FY22 Loss Jumps 255% To INR 75 Cr As Expenses Double". Inc42. 23 December 2022. Retrieved 25 May 2025.
  22. ↑ "How Sugar Cosmetics Became India's Top Beauty Brand". TheHotStartups. 23 October 2024. Retrieved 25 May 2025.
  23. ↑ "Sugar Cosmetics – Profile overview funding, Valuation, Financial, News". TheKredible. 16 January 2025. Retrieved 25 May 2025.
  24. ↑ "Sugar Cosmetics' parent company picks up majority stake in ENN Beauty". Business Standard. 13 January 2022. Retrieved 25 May 2025.
  25. ↑ "Sugar Cosmetics Founder: The Inspiring Journey of Vineeta Singh in 2025". Chegg India. 2 May 2025. Retrieved 25 May 2025.
  26. ↑ "Indian Start-Up Sugar Cosmetics Closes $50 Million Series D". BeautyMatter. 1 June 2022. Retrieved 25 May 2025.
  27. ↑ "Here's an inspiring tale of Vineeta Singh, founder and CEO of Sugar Cosmetics". LiveMint. 21 February 2024. Retrieved 25 May 2025.
  28. ↑ "SUGAR Cosmetics Company Profile". YourStory. 30 June 2023. Retrieved 25 May 2025.
  29. ↑ "SUGAR Cosmetics: Bold, Innovative, and Redefining Beauty in India". StartupTalky. 18 March 2025. Retrieved 25 May 2025.
  30. ↑ "How This Indian Cosmetic Maker Clocked a Turnover of INR100 Cr". Entrepreneur. 23 August 2019. Retrieved 25 May 2025.
  31. ↑ "Sugar Cosmetics' parent company picks up majority stake in ENN Beauty". Business Standard. 13 January 2022. Retrieved 25 May 2025.
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