Sugar Cosmetics

SUGAR Cosmetics is an Indian direct-to-consumer (D2C) beauty brand specialising in cruelty-free makeup and skincare products tailored for Indian skin tones. Founded in 2012 by Vineeta Singh and Kaushik Mukherjee, the company operates a hybrid business model, combining online sales through its website and marketplaces like Nykaa and Amazon with an offline presence in over 45,000 retail outlets across 550 cities. Known for its bold branding and high-performance products, SUGAR Cosmetics has become a leading player in India's beauty industry, achieving a valuation of approximately ₹ 4100 crore in 2024. The brand targets millennials and Gen Z, focusing on affordability, quality, and ethical production.

SUGAR Cosmetics

Company type	Private
Industry	Cosmetics
Founded	2012 (2012)
Founder	Vineeta Singh Kaushik Mukherjee
Headquarters	Mumbai, Maharashtra, India
Key people	Vineeta Singh (CEO) Kaushik Mukherjee (COO)
Products	Makeup, Skincare
Revenue	₹ 505.1 crore (FY24)
Number of employees	100–150 (2023)
Website	www.sugarcosmetics.com

Founders & Leadership

• Vineeta Singh (CEO): A graduate of IIT Madras (B.Tech, Electrical Engineering, 2005) and IIM Ahmedabad (MBA, 2007), Singh rejected a ₹ 1 crore job offer from Deutsche Bank to pursue entrepreneurship. She co-founded SUGAR Cosmetics and is a judge on Shark Tank India. Singh is also a triathlete and ultramarathon runner, having participated in over 20 marathons.
• Kaushik Mukherjee (COO): An alumnus of BITS Pilani (Engineering) and IIM Ahmedabad (MBA, 2007), Mukherjee has experience in strategy and operations, having worked at McKinsey & Company. He co-founded SUGAR Cosmetics with Singh, focusing on operational excellence and brand building.

Origin & Founding Story

Vineeta Singh and Kaushik Mukherjee, the founders of SUGAR Cosmetics

SUGAR Cosmetics was founded in 2012 by Vineeta Singh and Kaushik Mukherjee, who met at IIM Ahmedabad. Initially launching as FAB BAG, a beauty subscription service, the duo pivoted to create SUGAR Cosmetics in 2015 after identifying a market gap for affordable, high-quality makeup suited for Indian skin tones. Facing challenges like funding constraints and competition from global brands like L'Oréal and Lakmé, they bootstrapped the business with personal savings and a loan from Singh’s father. Their first product, a range of crayon lipsticks launched in 2013, gained traction for its quality and suitability for Indian consumers.

Timeline

Year	Milestone
2012	SUGAR Cosmetics founded as FAB BAG, a beauty subscription service.
2013	Launched first product line: crayon lipsticks.
2015	Pivoted to SUGAR Cosmetics, focusing on makeup products.
2016	Introduced liquid lipstick, becoming a customer favourite.
2020	Launched first international store in Dubai.
2022	Acquired majority stake in ENN Beauty; launched flagship store in New Delhi.
2024	Achieved ₹ 505.1 crore in operating revenue.

Funding

Date	Round	Amount	Investors
June 2017	Series A	$2.5 million	India Quotient, RB Investments
March 2019	Series B	$12 million	A91 Partners, India Quotient, Anicut Capital
October 2020	Series C	$21 million	A91 Partners, Elevation Capital, India Quotient, Stride Ventures
May 2022	Series D	$50 million	L Catterton, A91 Partners, Elevation Capital, India Quotient
November 2024	Series E	Undisclosed	Anicut Capital

Business Model

SUGAR Cosmetics operates a direct-to-consumer (D2C) and omnichannel business model, selling through its website, e-commerce platforms like Nykaa and Amazon, and over 45,000 offline retail outlets, including 200 exclusive branded stores. The brand targets millennials and Gen Z women, offering affordable, cruelty-free makeup and skincare products tailored for Indian skin tones. Revenue is generated through domestic and international sales, with 93.1% from domestic markets in FY21. The company leverages influencer marketing and social media to drive brand awareness and customer engagement.

Products / Services

SUGAR Cosmetics offers a wide range of cruelty-free makeup and skincare products, including:

• Lip Products: Lipsticks, lip crayons, liquid lipsticks, lip glosses.
• Eye Products: Eyeliners, kajal, mascara, eyeshadows.
• Face Products: Foundations, concealers, blushes, highlighters, bronzers.
• Nail Products: Nail polishes and treatments.
• Skincare: Moisturisers, serums, and cleansers (introduced post-2022).

Products are manufactured in facilities across India, Germany, Italy, the USA, and Korea, ensuring high quality and suitability for diverse skin tones.

Growth & Metrics

As of 2024, SUGAR Cosmetics operates in over 550 cities with more than 45,000 retail outlets, including 200 exclusive stores. The company reported an operating revenue of ₹ 505.1 crore in FY24, a 20.2% increase from ₹ 420.3 crore in FY23. It has over 10 million customers and a team of 100–150 employees. The brand has a 6.5% market share in India’s colour cosmetics market and aims to reach ₹ 1000 crore in revenue by 2027.

Legal Entity Information

Field	Details
Legal Name	Vellvette Lifestyle Private Limited
Foundation Date	2012
Registrar of Companies (ROC)	ROC Mumbai
Corporate Identification Number (CIN)	U24233MH2012PTC234112
Registered Address	1st Floor, Akruti Corporate Park, LBS Marg, Ghatkopar West, Mumbai, Maharashtra 400086, India
Email ID	info@sugarcosmetics.com
Company Status	Active
Directors	Vineeta Singh, Kaushik Mukherjee
Authorized Share Capital	₹ 10 crore
Paid-up Capital	₹ 1 crore

Acquisitions and Investments

• Acquisitions: In January 2022, SUGAR Cosmetics acquired a 51% stake in ENN Beauty, a natural skincare and haircare brand.
• Investments: In September 2022, actor Ranveer Singh invested an undisclosed amount and became a brand evangelist.

Media & Public Recognition

SUGAR Cosmetics has been featured in publications like Forbes India, Business Today, and Businessworld. Vineeta Singh has been recognised as a leading entrepreneur, appearing on Shark Tank India and as a guest on The Kapil Sharma Show. The brand has won awards for its innovative products and ethical practices, including recognition for its cruelty-free and vegan-friendly approach.

FAQs

What is SUGAR Cosmetics known for?

SUGAR Cosmetics is known for its cruelty-free, high-quality makeup and skincare products designed for Indian skin tones, targeting millennials and Gen Z women.

Who founded SUGAR Cosmetics?

The company was founded by Vineeta Singh and Kaushik Mukherjee in 2012, initially as FAB BAG, before pivoting to SUGAR Cosmetics in 2015.

What is the business model of SUGAR Cosmetics?

It operates a D2C and omnichannel model, selling through its website, e-commerce platforms, and over 45,000 retail outlets across India.

How much funding has SUGAR Cosmetics raised?

The company has raised approximately $95 million across multiple funding rounds from investors like L Catterton, A91 Partners, and Elevation Capital.

External Links

• Official Website
• LinkedIn
• Instagram
• Twitter

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