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Leading cosmetics brand, SUGAR cosmetics has raised $2 million in debt round funding from Stride Ventures.
Led by Stride Ventures, the fund has also partnered with one of India’s leading private funds for this deal. Which has committed to being a strategic partner in SUGAR’s growth journey with their customized offering and deep relationships across banks and corporates.
In a statement issued, SUGAR Cosmetics said, “These funds will be strategically deployed to keep pace with working capital and inventory requirements and fuel aggressive growth through the peak sale season.”
Launched in 2015, by IIM Ahmedabad graduates Vineeta Singh and Kaushik Mukherjee, SUGAR Cosmetics is a cruelty-free and content-led beauty brand that targets the younger Indian demographic through its vast range of affordable premium products.
Speaking on the investment in SUGAR Cosmetics, Ishpreet Gandhi, Founder & Managing Partner of Stride Ventures,said, “In a fiercely competitive landscape, SUGAR has managed to stand apart in a short span of time. Their branding, market strategy, and offering of affordable premium products greatly appeal to the growing younger demographic. The brand has quickly become a household name in the lifestyle segment and we are excited to partner with them in their journey.”
Commenting on the funding, Vineeta Singh, Co-founder, and CEO, SUGAR Cosmetics, added, “SUGAR plays in a high gross margin category which makes debt a fantastic choice for us. With superior product-market fit and long-term growth appetite, we are excited about working with Stride and their partner private bank and announce the US $2M as the first tranche of the Series C funding that we hope to close later this year.”