Bollywood star Ranveer Singh has made his first startup investment in the direct-to-consumer (D2C) brand SUGAR Cosmetics, the company announced on Saturday. It, however, did not divulge the investment figure.
Ranveer’s personality of being bold, quirky, and vibrant makes the partnership a natural fit, said Sugar Cosmetics’ co-founder Vineeta Singh in a statement, the Economic Times reported. Singh is known for his flamboyant clothing style and love for bold colors, which is also seen in Sugar Cosmetics’ branding and product offering.
SUGAR Cosmetics started as a D2C brand in 2015 and then ventured into offline trade in 2017. Currently, it is clocking annual sales of more than Rs 550 crore with a physical presence with more than 45,000 retail touchpoints across the country.
“I have admired SUGAR’s ability to build a tremendous fan following over the years and I’m excited to be a part of this journey and help the brand achieve its mission of providing Indian women access to premium and quality makeup products specially formulated for them,” said Singh.
In June, SUGAR Cosmetics raised $50 million in series D funding led by the Asia fund of L Catterton. The round also saw participation from existing investors: A91 Partners, Elevation Capital, and India Quotient.
The new investment by Ranveer is expected to further boost SUGAR’s expansion in other potential markets it said. SUGAR is the makeup of choice for bold, independent women who refuse to be stereotyped into roles and if someone shares the same DNA as ours, it is Ranveer, said Vineeta Singh, Cofounder, and CEO, of SUGAR Cosmetics.
This will help supercharge our growth trajectory as we continue scaling SUGAR aggressively to build it into a large and much-loved makeup & beauty brand,” added Kaushik Mukherjee, co-founder, and COO.
Ranveer’s actor-wife Deepika Padukone has invested in several startups, via her investment arm KA Enterprises, like Epigamia, Nua, Blu Smart, Bellatrix Aerospace and Atomberg Technologies, etc.
