Startup Profile
Sugar Cosmetics
Legal entity: Vellvette Lifestyle Private Limited
India's digital-first omnichannel beauty brand
Funding raised
₹705.50 Cr
Total disclosed
Latest valuation
₹2943.00 Cr
Most recent round
Latest revenue
₹420.00 Cr
FY FY23
Employees
—
FY FY23
Founders
- Vineeta Singh
Co-founder and CEO of SUGAR Cosmetics. An IIT Madras electrical engineering graduate (2005) and IIM Ahmedabad MBA (2007), she first built the Fab Bag beauty subscription service before launching SUGAR Cosmetics. She is also an investor and judge on Shark Tank India.
- Kaushik Mukherjee
Co-founder and COO of SUGAR Cosmetics, and Vineeta Singh's husband. A BITS Pilani and IIM Ahmedabad graduate, he met Singh during their MBA at IIM Ahmedabad and co-founded the company with her.
Funding rounds
- Equity (FY25)2025-03-31₹41.00 CrLed by Anicut Capital
- Series D2022-05-30₹415.00 CrLed by L Catterton
- Series C2021-02-05₹174.30 CrLed by Elevation Capital
Financials
MCA / self-reported| Fiscal year | Revenue | Profit / (Loss) | Employees |
|---|---|---|---|
| FY23 | ₹420.00 Cr | (₹76.20 Cr) | — |
| FY24 | ₹505.00 Cr | (₹67.50 Cr) | — |
| FY25 | ₹415.00 Cr | — | — |
The full story
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Timeline
- 2025-03-31FY25 revenue declines and losses widen — Revenue fell 17.8% to about Rs 415 crore in FY25 and EBITDA slipped to a negative Rs 108 crore (margin -26%), prompting an IPO delay and a course correction.
- 2024-03-31FY24 revenue crosses Rs 500 crore — Revenue from operations rose 20% to Rs 505 crore in FY24 while net loss narrowed 11.4% to Rs 67.5 crore.
- 2022-05-30Series D round of $50 million led by L Catterton — Closed a $50 million Series D led by the Asia fund of L Catterton (linked to LVMH), reportedly at a $500 million valuation, to expand its digital-first omnichannel beauty business across 40,000+ retail outlets in 550+ cities.
- 2021-02-05Series C round of $21 million — Raised $21 million led by Elevation Capital at a valuation of over $100 million, with participation from A91 Partners and India Quotient.
- 2015SUGAR Cosmetics brand launched — The founders pivoted into their own colour cosmetics line, SUGAR Cosmetics, targeting Indian skin tones and the Indian market.
- 2012Fab Bag beauty subscription launched — Vineeta Singh and Kaushik Mukherjee launched Fab Bag (under Vellvette Lifestyle), a monthly beauty product subscription service, which gave them direct insight into Indian women's beauty preferences.