SUGAR Cosmetics (SUGAR), one of India’s top omnichannel cosmetic brands, has raised $50 million in a Series D round headed by L Catterton’s Asia fund, the world’s largest consumer-focused private equity company.
Multiple private equity funds expressed interest in the expanded round, with current investors A91 Partners, Elevation Capital, and India Quotient continuing to participate. The investment has put the firm on pace to build on its current development momentum in the country’s fast developing beauty and personal care industry.
L Catterton’s experience in creating renowned consumer brands throughout the world, as well as his strategic partnership with LVMH (owner of Louis Vuitton), will enable SUGAR to enter its next stage of growth as India’s beauty and personal care industry expands.
SUGAR co-founder and CEO Vineeta Singh stated, “L Catterton shares our concept of genuinely knowing what matters most to customers, and my co-founder Kaushik (Mukherjee) and I are happy to welcome the business as our partner.” “As we continue on our journey of satisfying and exceeding the expectations of our customers and fans, the firm’s brand-building and value-creation skills will buttress our growth.”
The country’s beauty and personal care business has grown significantly over the last five years, owing to consumers who are increasingly incorporating cosmetics and skincare into their daily routines and experimenting with new types of products. In 2025, it is estimated to be worth around $21 billion. The growing popularity of online shopping as well as increased product penetration in secondary cities are all helping to expand the industry.
SUGAR has built a devoted client base and more than doubled revenues in the last three years thanks to its comprehensive variety of high-quality items that resonate with customers.
SUGAR’s Singh stated, “We are dedicated to providing unique solutions that precisely cater to the desires of ladies with varied skin tones and kinds.”
SUGAR has built a strong omnichannel presence across India through a mix of rapid e-commerce expansion, increased collaborations with general and contemporary trade retailers, and same-store sales growth. The firm claims that its ability to capitalise on the rise of online shopping while also building a strong local ecosystem of offline distribution partners has allowed it to attract and keep customers across the country, from metros to Tier II and III locations.
“SUGAR’s leadership team has established a strong position in India’s cosmetics market, which is at an exciting inflection point of expansion, with a product-first mindset and deep understanding of their target consumers,” said Anjana Sasidharan, L Catterton Asia Managing Director, who will be joining the company’s board. “We are excited to collaborate with the firm to deliberately unlock international exposure and drive additional growth, drawing on our expertise working with L Catterton’s portfolio of over 20 beauty and personal care brands throughout the Americas, Europe, and Asia.”
L Catterton has extensive expertise investing in the beauty and personal care industry across the world. Il Makiage, Intercos, The Honest Company, TULA, Bliss, Ci FLAVORS, ELEMIS, ETVOS, Function of Beauty, MERIT, Sociolla, and Marubi are among the current and previous investors in the area. ,