SUGAR Cosmetics Revenue, Valuation, Funding & Investors
SUGAR Cosmetics is valued at $80M as of September 2026.
Last SUGAR Cosmetics valuation
$80M
Undisclosed stage · Sep 2026
Last SUGAR Cosmetics funding round
$15M
Undisclosed stage · Sep 2026
SUGAR Cosmetics revenue
$54M
Seed · Jul 2025
Key investors in SUGAR Cosmetics
India Quotient
Anicut Capital
A91 Partners
Elevation Capital
L Catterton
IMM Investment
About SUGAR Cosmetics
SUGAR Cosmetics is a Mumbai-based cruelty-free makeup brand popular among Indian millennials. It manufactures lipsticks, eyeliners, foundations, and skincare in facilities across India, Germany, Italy, the USA, and Korea. Launched in 2015, SUGAR Cosmetics sells through its online store and retail outlets in over 30 Indian cities, exporting to Southeast Asia and the Middle East.
Founded
2012
HQ
MumbaiWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Revenue
$54M (Jul 2025)
Valuation
$80M (Sep 2026)
Sectors
SUGAR Cosmetics Valuation
SUGAR Cosmetics is currently valued at $80M, based on its undisclosed-stage round in September 2026.
The $15M round was led by A91 Partners.
SUGAR Cosmetics' valuation has moved from $450M at its Series A in June 2017 to $80M in September 2026, across 6 priced rounds.
SUGAR Cosmetics valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Sep 2026 | Undisclosed stage | $80M | - |
| Jul 2025 | Seed | $278M | 5.1x |
| Nov 2024 | Series E | $278M | 5.1x |
| May 2022 | Series D | $450M | 13.2x |
| Oct 2020 | Series C | $100M | 4.8x |
| Jun 2017 | Series A | $450M | - |
SUGAR Cosmetics Revenue
SUGAR Cosmetics' latest recorded revenue is $54M, as of its seed round in July 2025. At a $278M valuation, that implies a 5.1x revenue multiple.
Revenue grew from $21M in October 2020 to $54M in July 2025, while the revenue multiple moved from 4.8x to 5.1x.
SUGAR Cosmetics revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jul 2025 | $54M | $278M | 5.1x | Seed |
| Nov 2024 | $54M | $278M | 5.1x | Series E |
| May 2022 | $34M | $450M | 13.2x | Series D |
| Oct 2020 | $21M | $100M | 4.8x | Series C |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
SUGAR Cosmetics Funding History
SUGAR Cosmetics has raised a total of $108M across 7 funding rounds, plus 1 secondary share sale.
SUGAR Cosmetics' first fundraising round was a $3M Series A in June 2017. The most recent completed round was a $15M undisclosed-stage round in September 2026.
SUGAR Cosmetics funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2026 | Undisclosed stage | A91 Partners (lead) | $15M | $80M | SUGAR Cosmetics raised about ₹144.5 crore from existing investor A91 Partners in a September 2026 financing, with the company allotting 1,12,248 Series D7 compulsorily convertible preference shares at ₹12,871 apiece. The transaction implied a post-money valuation of about ₹755 crore, a steep markdown from the brand’s earlier peak valuation of nearly ₹3,000 crore. The round was structured as a fresh capital infusion from an existing backer, and the shares are set to convert into equity on a listing event or after 20 years. The capital was raised to support growth and working capital, including momentum in the company’s skincare brand Quench. The deal came amid pressure on SUGAR’s revenue and profitability and followed a period of valuation compression for the D2C beauty brand. A91 Partners remained a significant investor after the round, with the new issue expected to leave it holding about 19.97% of the company. SUGAR Cosmetics is an omnichannel beauty and cosmetics company based in Mumbai, operating in makeup and skincare across India. The business had previously raised capital at much higher valuations, and this transaction marked a down round that reflected a reset in market sentiment and company performance. |
| Jul 2025 | Seed | Anicut Capital (lead); L Catterton | $3M | $278M | SUGAR Cosmetics is a Mumbai-based D2C beauty and personal care brand founded in 2015 by Vineeta Singh and Kaushik Mukherjee, offering cruelty-free makeup and skincare products through an omnichannel network spanning 45,000 retail stores across India and its website. The company raised INR 40.99 Cr (around $5 Mn) in July 2025 in a mix of debt and equity funding led by Anicut Capital, with participation from L Catterton and Stride Ventures, including INR 15 Cr debt from Stride Ventures for working capital. Anicut Capital infused INR 24.99 Cr and L Catterton INR 1 Cr. This follows a prior $4.5 Mn raise from existing investors and brings total funding over $85 Mn from backers like Elevation Capital, A91 Partners, and IndiaQuotient. Financially, SUGAR Cosmetics reported revenue of INR 505.1 Cr in FY24, up 20% from INR 420.3 Cr in FY23, while narrowing net losses by 11.3% to INR 67.6 Cr. The company's current valuation stands at INR 2,600 Cr to INR 2,700 Cr. Funds will support expansion of product lines, marketing efforts, supply chain strengthening, and potential international growth in the competitive Indian beauty market. |
| Nov 2024 | Series E | Malabar Investment Advisors; Elevation Capital; L Catterton; Anicut Capital | $5M | $278M | SUGAR Cosmetics is a Mumbai-based omnichannel D2C beauty brand founded in 2015 by Vineeta Singh and Kaushik Mukherjee, offering products suited to Indian skin tones and operating in over 45,000 retail stores across India. The company raised INR 38 Cr ($4.5M) in November 2024 from existing investors Anicut Equity Continuum Fund, Elevation Capital, Malabar Investments, and L Catterton at a flat post-money valuation of INR 2,600-2,700 Cr, matching its 2022 $50M round. This brings total funding to approximately $90M. In FY24, SUGAR Cosmetics achieved 20% operating revenue growth to INR 505.1 Cr from INR 420 Cr in FY23, while narrowing losses by 11% to INR 67.6 Cr. The fresh capital targets scaling its skincare line Quench Botanics, launched with Kareena Kapoor, and expanding distribution for the affordable cosmetics sub-brand SUGAR POP. SUGAR competes with Mamaearth, Nykaa, Maybelline, and L'Oréal in India's growing beauty market, leveraging omnichannel presence across ecommerce, quick commerce, and general trade. |
| Oct 2024 | Secondary | IMM Investment (lead) | $3M | - | SUGAR Cosmetics, a Mumbai-based omnichannel beauty brand founded in 2015 by Vineeta Singh and Kaushik Mukherjee, focuses on products suited to Indian skin tones and has expanded to over 45,000 retail stores across India. In October 2024, it raised USD 3 million in a secondary market round led by IMM Investment to provide liquidity to early investors. This followed a INR 38 crore ($4.5 million) raise in December 2024 from existing investors including Anicut Equity, Elevation Capital, Malabar Investment, and L Catterton, with flat valuation versus the $50 million 2022 round. The company recorded 20% revenue growth in FY24 and is scaling skincare brand Quench Botanics and affordable cosmetics sub-brand Sugar Pop. |
| May 2022 | Series D | L Catterton (lead); India Quotient; A91 Partners; Elevation Capital; Pawan Munjal; Anicut Capital; Ajay Shriram | $50M | $450M | SUGAR Cosmetics, a direct-to-consumer Indian beauty brand co-founded by Vineeta Singh and Kaushik Mukherjee, specializes in makeup products like lipsticks and eyeliners, and has expanded into skincare such as moisturizers and sheet masks. The company raised $50 million in its Series D funding round on May 31, 2022, led by L Catterton with participation from existing investors A91 Partners, Elevation Capital, and India Quotient. This upsized round valued the company close to $500 million, marking a 5x increase from its prior $100 million valuation a year earlier, and brought total funding to $85.5 million. At the time of the round, SUGAR Cosmetics reported annualized revenue of Rs 320-350 crore, equivalent to Rs 27-30 crore monthly net revenue. The brand has built a strong omnichannel presence with over 100 owned stores and expansion to more than 40,000 retail outlets across 550 cities, focusing on rapid growth in online and offline channels while maintaining healthy operating metrics. L Catterton highlighted SUGAR's product-first approach and understanding of Indian consumers amid the beauty market's expansion toward $21 billion by 2025. The funding aims to accelerate growth, leveraging L Catterton's expertise in consumer brands and its portfolio in beauty including The Honest Company and Tula. This marks L Catterton's first India deal post-hiring leadership for the region. SUGAR positions itself as a cruelty-free brand tailored for Indian skin tones, targeting further penetration in secondary cities and online shopping trends. |
| Oct 2020 | Series C | Elevation Capital (lead); India Quotient; Stride Ventures; A91 Partners | $21M | $100M | SUGAR Cosmetics, a Mumbai-based direct-to-consumer (D2C) makeup and skincare brand founded in 2012 by Vineeta Singh and Kaushik Mukherjee, raised $21 million (INR 153 Cr) in its Series C funding round led by Elevation Capital (formerly SAIF Partners), with participation from existing investors A91 Partners and India Quotient, plus venture debt from Stride Ventures. The round, initiated in October 2020 and closed in early 2021, doubled the company's valuation to over $100 million. Prior to this, it had raised funds including Rs 85 Cr from A91 Partners in March 2019 and $2 Mn debt from Stride Ventures in October 2020 for working capital. The funding is earmarked for bolstering research and development, content creation, omnichannel expansion including digital and retail distribution, and scaling to 40,000 retail outlets over 12-18 months. SUGAR, known for products suited to Indian skin tones like lips, eyes, face, nails, and skincare, has established itself as a top-five cosmetics brand by sales at chains like Lifestyle, Shoppers Stop, and Health & Glow. It leverages partnerships with Amazon, Myntra, Flipkart, and Nykaa, with 70-80% of sales online during COVID lockdowns despite an offline focus. At the time of the round, SUGAR reported FY20 net revenue of INR 105 Cr, up from INR 57 Cr the prior year, achieving a 6X revenue jump over two years. It was running at an annual net revenue run rate of ~INR 200 Cr, aiming to double this within 12 months, and had rebounded to 150% of pre-COVID revenues profitably in the preceding quarter. The brand expanded retail presence over 700% in 2019, adding 40+ exclusive brand outlets or kiosks in three years. This Series C followed earlier rounds totaling about $50 Mn to date then, with later developments including a $50 Mn Series D in 2022 led by L Catterton at continued high valuation, and profitability improvements by FY23. |
| Mar 2019 | Series B | A91 Partners (lead); Anicut Capital (lead); India Quotient (lead) | $12M | - | SUGAR Cosmetics is a Mumbai-based D2C beauty brand founded in 2015 by Vineeta Singh and Kaushik Mukherjee, offering makeup products like lipsticks and foundations tailored for Indian skin tones, sold through online and offline channels including over 2500 outlets in 120 cities. Lipsticks contribute about 60% of sales, with face products growing to 45% in recent periods. The company raised funding from investors including A91 Partners, India Quotient, and others, positioning it to compete with legacy brands like Lakme and L'Oréal. In FY2019-20, it achieved Rs 100 crore in annual revenue, a milestone reached faster than established players like Revlon in India. |
| Jun 2017 | Series A | India Quotient (lead); RB Investments Pte. Ltd. (lead); Utsav Somani Investments | $3M | $450M | SUGAR Cosmetics, founded in 2015 by Vineeta Singh and Kaushik Mukherjee, is a Mumbai-based direct-to-consumer makeup brand offering cruelty-free products suited for Indian skin tones, including lips, eyes, face, and nails. The company raised $2.5 million in its Series A round in June 2017 from India Quotient and RB Investments Pte. Ltd. to expand product offerings and market presence. SignalRank reports a last valuation of $450 million for this round. The funding supported SUGAR Cosmetics' growth from an online-only brand to an omnichannel presence, eventually reaching over 45,000 retail stores across India. Subsequent rounds included a $12 million Series B in March 2019 led by A91 Partners, Anicut Capital, and India Quotient, and later investments like $21 million in Series C from Elevation Capital at a $100 million valuation. SUGAR Cosmetics has diversified into sub-brands like Sugar Pop for affordable cosmetics, Sugar Merch Station, and Quench Botanics skincare in partnership with Kareena Kapoor. The company achieved Rs 420 crore operating revenue in FY23 with 89% year-on-year growth and projected over Rs 500 crore in FY24. |
Who has invested in SUGAR Cosmetics?
12 investors have backed SUGAR Cosmetics across its funding rounds, including India Quotient, Anicut Capital, A91 Partners, Elevation Capital, L Catterton and IMM Investment.
Lead investors include A91 Partners, Anicut Capital, IMM Investment, L Catterton, Elevation Capital and 2 other investors.
SUGAR Cosmetics Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Bangalore | 4 | Lead | Jun 2017 | |
| Mumbai | 4 | Lead | Mar 2019 | |
| Chennai | 4 | Lead | Mar 2019 | |
| Gurgaon | 3 | Lead | Oct 2020 | |
 Greenwich, CT | 3 | Lead | May 2022 | |
| New Delhi | 1 | Participant | Oct 2020 | |
| New York City, NY | 1 | Participant | Nov 2024 | |
 Singapore | 1 | Lead | Jun 2017 | |
 Gwangju | 1 | Lead | Oct 2024 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Pawan Munjal | Delhi | 1 | Participant | May 2022 |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by SUGAR Cosmetics
SUGAR Cosmetics has acquired 1 company to date.
Last acquisition by SUGAR Cosmetics was on January 13th 2022. SUGAR Cosmetics acquired ENN Beauty for undisclosed valuation.
Latest Acquisitions by SUGAR Cosmetics
| Description | ENN Beauty is a direct-to-consumer brand offering natural skincare and haircare products formulated with plant-based ingredients. Miami-based, it features serums, shampoos, and masks free of parabens and sulfates, targeting clean beauty enthusiasts. ENN ships worldwide via its e-commerce site. |
| HQ Country | |
| HQ City | Delhi |
| Deal Date | 13 Jan 2022 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all SUGAR Cosmetics acquisitions and their M&A valuation multiples. Start Free Trial | |
SUGAR Cosmetics Competitors
SUGAR Cosmetics competitors include listed companies like SkinHealth Systems and FitLife Brands, and private ones like Kapiva, Heights, AMASS Botanics and Azuna Fresh.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Bangalore | Private | - | - | $80M | - | |
 London | Private | - | - | $78M | - | |
| Los Angeles, CA | Private | $13M | - | $75M | 5.8x | |
| Buffalo, NY | Private | - | - | $87M | - | |
| United States | Publicly listed | $301M | $30M | $89M | - | |
| United States | Publicly listed | $81M | $10M | $90M | 1.3x |
SUGAR Cosmetics Public Comps
SUGAR Cosmetics is still privately-owned, but its public comps include SkinHealth Systems, FitLife Brands, Lamasat, Comvita, Solesence, Suominen, Waqoo, Fit Group, Hain Celestial Group and Dr. Miele Cosmed Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $301M | $30M | 0.8x | - | 8.4x | - | |||
| $81M | $10M | 1.6x | 1.3x | 12.2x | 8.5x | |||
| $39M | $13M | 2.3x | - | 7.1x | - | |||
| $122M | $13M | 0.6x | 0.6x | 5.4x | 5.1x | |||
| $62M | $4M | 1.3x | - | 21.6x | - | |||
| $475M | $8M | 0.4x | 0.4x | 25.2x | 11.5x | |||
| $13M | $2M | 3.8x | 3.8x | 25.5x | - | |||
| $4M | $1M | 10.4x | - | 37.3x | - | |||
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Common questions about SUGAR Cosmetics
| When was SUGAR Cosmetics founded? | SUGAR Cosmetics was founded in 2012. |
| Where is SUGAR Cosmetics headquartered? | SUGAR Cosmetics is headquartered in Mumbai, India. |
| Is SUGAR Cosmetics publicly listed? | No, SUGAR Cosmetics is a private, VC-backed company. |
| What is SUGAR Cosmetics' valuation? | SUGAR Cosmetics was last valued at $80M in its undisclosed-stage round in September 2026. |
| How much funding has SUGAR Cosmetics raised? | SUGAR Cosmetics has raised $108M across 7 funding rounds. |
| What was SUGAR Cosmetics' last funding round? | SUGAR Cosmetics' last funding round was a $15M undisclosed-stage round in September 2026, led by A91 Partners. |
| Who are SUGAR Cosmetics' investors? | SUGAR Cosmetics' investors include India Quotient, A91 Partners, Anicut Capital, Elevation Capital, L Catterton, Stride Ventures, Malabar Investment Advisors, RB Investments Pte. Ltd., IMM Investment, Pawan Munjal and 2 others. |
| What is SUGAR Cosmetics' revenue? | SUGAR Cosmetics' latest recorded revenue is $54M (July 2025). |
| What is SUGAR Cosmetics' revenue multiple? | SUGAR Cosmetics' latest valuation implies a 5.1x revenue multiple ($278M valuation on $54M of revenue). |
| Which companies are comparable to SUGAR Cosmetics? | Companies comparable to SUGAR Cosmetics include Kapiva, Heights, AMASS Botanics, Azuna Fresh, SkinHealth Systems and FitLife Brands. |
| How many companies has SUGAR Cosmetics acquired? | SUGAR Cosmetics has acquired 1 company, including ENN Beauty. |
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