Sugar Cosmetics is a popular brand, and the Sugar Cosmetics founders’ story, is as colorful as their products. Let’s dive into the story of Sugar Cosmetics.
In the cutthroat beauty market, Sugar Cosmetics has established itself as a force to be reckoned with. By offering top-notch cosmetics at reasonable costs, the firm has been successful in carving out a niche for itself. But few are aware of the background of the brand’s success.
Beginning in 2015, Vineeta Singh and Kaushik Mukherjee launched Sugar Cosmetics. Since the brand’s debut, it gained popularity, and today there are about 700 offline Sugar cosmetics stores in India. The brand’s international rollout has started. Vineeta Singh and Kaushik Mukherjee had their fair share of difficulties, but after overcoming those obstacles, they now stand triumphant.
The makeup line is renowned for its distinctive packaging and high-quality, all-natural ingredients. A fan favorite, Sugar cosmetics has been highlighted in publications. Net revenue for the company during the 2019–2020 fiscal year was Rs 105 crore. The Mumbai-based business has recently raised INR 35.5 crores in financing. The 500 crores of INR in revenue was generated by Sugar Cosmetic.
We’ll discuss the Sugar cosmetics founders’ story in this blog, the people who built the company from scratch.
The Early Days of Sugar Cosmetics
Alumni of IIM Ahmedabad Kaushik Mukherjee and Vineeta Singh developed a significant concept in 2012. Vineeta Singh considered it appropriate to launch “Fab Bag” first. It was a subscription-based service that provided ladies with a variety of cosmetics. She gathered information on international and domestic brands during this. She discovered that many businesses weren’t sensitive to Indian skin tones or the Indian way of life.
Equipped with this knowledge, they set out to create a range of cosmetics in 2015 that was colorful, entertaining, and most importantly, reasonably priced. After quitting their professions, they eventually started Sugar Cosmetics.
The Beginning: Sugar Cosmetics Founders’ Story
India’s fastest-growing beauty company, Sugar Cosmetics, is led by Vineeta Singh, co-founder, and CEO. She graduated from both the IIM Ahmedabad and the IIT Madras, and she has also spoken at TEDx. She competes in triathlons and runs ultramarathons. On the business reality program Shark Tank India, Vineeta became a well-known face. Vineeta has invested money in many companies.
Sugar Cosmetics was co-founded by Kaushik. He earned his engineering degree from BITS Pilani before enrolling at IIM Ahmedabad to earn his MBA. He met Vineeta Singh, his wife and business partner, at this place. In addition to being an Ironman triathlete, Kaushik is a marathon runner and a TEDx speaker.
Vineeta’s Early Life
Vineeta Singh was born in Gujarat and completed her education in Delhi. She put in a lot of hard work and was enrolled in IIT. She then signed up for the MBA program and after that, she got a job offer for one crore which she refused because she was certain that she wanted to establish her own business. She moved into a little flat in Mumbai to start her entrepreneurial journey.
She was aware of the paths to run and cover to attain every goal’s peak. Following a year of mentally taxing restrictions in her professional life, she built the Fab Bag beauty subscription service. She became aware of the significance of high-quality cosmetics that Indian women require in life while working there and researching the beauty and makeup industry. In 2015, she established Sugar Cosmetics. Her spouse, Kaushik Mukherjee, was a founding partner of the company.
Vineeta Singh is estimated to have a 60 cr rupees net worth. She is well-known and well-liked, and her aptitude in the field of entrepreneurship has demonstrated her worth. Singh is a well-known investor and judge on the hit television program Shark Tank India. Her significant accomplishments make her stand out among India’s most talented businesswomen.
The Sugar Cosmetics Business Model
The direct-to-consumer (D2C) business strategy and omnichannel approach used by Sugar Cosmetics’ business model allow it to sell its products on a variety of eCommerce marketplaces, including Amazon, Nykaa, and others. The enormous income growth at Sugar Cosmetics brings to mind the company’s offerings for commodity transactions in India and other countries.
Their first offering was a line of vibrantly colored lipsticks, which quickly won over both women and Bollywood celebrities. The founders of Sugar Cosmetics set out to offer women all over the world high-quality, affordable makeup products.
The brand has a large variety of items, including mascara, eyeshadow, and foundation. Their entire line of goods is manufactured with natural components and is free of animal testing. Soon Sugar Cosmetics went from being a small operation to a fully-fledged business. Vineeta Singh and Kaushik Mukherjee have started selling their products in shops around the nation.
Investing and Financing
All total, Sugar Cosmetics has raised $85.5 million through four different financing arrangements. On October 21, 2020, Sugar completed its Series C round of financing, injecting $21 million into the company. It then closed a $50 million round. Elevation Capital, India Quotient, and A91 Partners were a few of the companies that contributed to the Series D fundraising round together with the Asia Fund of L. Catterton.
Recently, at the Series D funding round that was held in May 2022, Ranveer Singh invested in Sugar Cosmetics. The actor’s original financial investment in the company is still a mystery.
With a physical location in Russia and an online shop in the US, Sugar Cosmetics has grown outside of India. In FY22, Sugar Cosmetics wants to expand into new markets. The company, which was created in 2015, has already surpassed the mark of opening 100 stores around the world.
The company is concentrating on growing its mobile app, which has more than 1M app installations in less than a year, to boost its direct-to-consumer channels. Strong connections, content marketing, and introducing new products will all be on the agenda.
The most current objective of Sugar for 2023, according to CEO Vineeta Singh, is to reach Rs 300 crore in revenue. Also, she stated that Sugar would be branching out into new markets, including the hair care sector, which the business will probably enter very soon as a result of its acquisition of ENN Beauty.
Reading about Sugar Cosmetics Founders’ Story is always motivating, and is unquestionably one to share. Vineeta Singh and Kaushik Mukherjee used a novel approach to the market and developed a line of products that are free of dangerous chemicals. Their products are now sold in more than 20 countries, and they are expanding at a remarkable rate.
Visit the Purple Pennon if you enjoyed reading this success story about the Sugar cosmetic and would like to read more of these insightful articles on various subjects.
A cruelty-free makeup line with excellent styling and performance standards is Sugar Cosmetics. The brand is aimed at strong, independent women who reject being stereotyped into positions and are inspired by them.
In FY22, SUGAR Cosmetics produced operating income from India totaling INR 210.9 Cr as opposed to INR 117.6 Cr in FY21.On the other side, INR 10.2 Cr from the rest of the world contributed to its overall operating revenue in FY22. Almost 95% of their overall operating revenue came from India.
The parent brand, “Vellvette,” is the owner of any products sold or created under the name “SUGAR.” “Vellvette Lifestyle Private Limited” is the exclusive owner and operator of the “SUGAR Cosmetics” trademark.
Vineeta Singh has won numerous honors. The 2019 Entrepreneur Awards presented her with the Start-up of the Year award. In December 2021, Forbes magazine listed her as one of the “Most Powerful Women in Business.”
The goal when the business was to offer high-quality cosmetics at reasonable pricing. The creators’ devotion to makeup and beauty has always been evident in the high caliber of their offerings. Products from Sugar Cosmetics are 100% free of animal products and created using natural components.