Founded in 2015 by Vineeta Singh and Kaushik Mukherjee, Sugar Cosmetics has completed a decade of transforming India’s beauty landscape-from a trailblazing D2C startup to an omni‑channel powerhouse.
10 Years of Growth & Innovation
What began with ₹599 crayon lipsticks crafted for Indian skin tones has grown into a high-performing brand offering over 550 SKUs, including eyeliners, foundations and vegan products-all cruelty-free and tailored to diverse Indian complexions. By FY 2024, Sugar achieved ₹515 crore in revenue, expanding its reach to over 45,000 retail outlets across more than 550 cities.
A Customer-Led, Community-First Approach
Starting as an online-only brand via Fab Bag’s subscriber network, Sugar leveraged consumer feedback directly to shape inclusive, sweat-proof formulas. Its “YouTube shade guides”, social media reels, and influencer collaborations built credibility and trust-especially among millennials and Gen Z.
From D2C to Omnichannel Leader
After launching its first retail store in Mumbai in 2018, Sugar rapidly expanded to 200 brand-owned outlets and partnerships with major retailers like Nykaa, Lifestyle, and Amazon across India and the UAE. Unique campaigns such as #SugarQuarantineQueen and #BlendTheRules further solidified its bold brand identity.
Funding & Financial Highlights
Sugar raised over ₹380 crore in Series D from L Catterton in 2022, endorsed by celebrity investor Ranveer Singh. A 2024 bridge round raised ₹38 crore at a reduced valuation of ₹2,700 crore, as growth slowed and losses narrowed (net loss ₹68 crore).
What’s Next?
The brand plans expansion into haircare through the ENN Beauty acquisition, and continues pushing its ethical and inclusive ethos, with an IPO likely on the horizon. Despite financial headwinds, Sugar’s digital-first strategy, evolving retail footprint, and vibrant brand voice have built it into one of India’s top beauty icons.
Final Thought:
In ten years, Sugar has redefined affordable luxury for Indian beauty-bridging inclusivity, cruelty-free passion, and digital storytelling to stand out in a competitive market.
