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Sugar Cosmetics Closes $50 Million in Series D Round

L Catterton led the funding round.

PARIS — India’s Sugar Cosmetics, among the country’s biggest omnichannel beauty companies, has closed a $50 million round of Series D funding, led by L Catterton’s Asia fund.

The round also drew ongoing participation from existing investors, A91 Partners, Elevation Capital and India Quotient.

The capital increase will allow Sugar to focus on its digital-first strategy in India’s rapidly developing beauty sector. The country’s beauty and personal care market is expected to reach about $21 billion in 2025, as more consumers use cosmetics and skin care daily, and online shopping is being adopted more in secondary cities.

Sugar has more than quadrupled its sales over the past three years, according to L Catterton, which in a statement attributed that to the brand’s high-quality products and “new-age, impact-focused content marketing.”

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“Through a combination of fast-paced e-commerce expansion, accelerated partnerships with general and modern trade stores, as well as diligent same-store sales growth, Sugar has also established a strong omnichannel presence across India,” said L Catterton. “The company’s ability to simultaneously take advantage of the proliferation of online shopping while creating a robust local ecosystem of offline distribution partners has enabled it to attract and retain shoppers across the entire spectrum, from metros to tier two and three cities.”

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“We have been impressed with how Sugar has sustained its momentum of rapid growth across online and offline channels, while maintaining healthy operating metrics,” said Anjana Sasidharan, L Catterton Asia managing director, who will join Sugar’s board of directors.

“With a product-first mind-set and deep understanding of their target consumers, Sugar’s leadership team has established a strong position in India’s cosmetics market, which is at an exciting inflection point of expansion,” she continued. “We look forward to partnering with the company to thoughtfully unlock international exposure and further drive growth, leveraging our experience of working with over 20 beauty and personal care companies in L Catterton’s portfolio across the Americas Europe and Asia.”

In the beauty and personal care space, L Catterton has already invested in the likes of Il Makiage, Intercos, The Honest Company and Elemis.

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