Omni-channel cosmetic brand Sugar Cosmetics has brought curtains down on its $21 Mn Series C round following a fresh capital infusion from Elevation Capital along with a clutch of existing investors. The details of the latest capital infusion are pretty hazy but the latest equity infusion has supposedly brought a tranche of $18-19 Mn. The company had initiated the Series C round in October last year by raising $2 Mn back then.
Elevation Capital (previously known as Saif Partners) spearheaded the latest round while existing investors including A91 Partners & India Quotient also took part in the funding round. Additionally, it is been confirmed that the latest round has doubled the Mumbai-based company’s valuation, taking its valuation to $100Mn.
The company said that the COVID-19 induced lockdown period increased its online sales by 70-80% but maintained that offline retail will continue to dominate its sales channel. The Mumbai-based firm has also added that it is aiming to double its current Rs 200 Crore revenue run rate over the next one year.
Sugar Cosmetics was founded in 2012 by husband-wife duo Vineeta Singh and Kaushik Mukherjee. The nearly seven year old company claims to be a cruelty free cosmetics brand, which means that it does not exploit animals for manufacturing its products. The company competes with some of the big names in the cosmetics field including Lakme and Maybelline.
However, if one were to focus only on cosmetics e-commerce space then this niche space dominated the headlines last year, much of that credit goes to Nykaa. Nykaa achieved a coveted status of unicorn during the lockdown period and also secured undisclosed funding from fidelity through secondary transaction.
According to Redseer, India’s beauty and personal care market’s CAGR is expected to reach USD 22-23 Mn by 2022.