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.
Having a huge fan following and brand value the addition of Ranveer Singh as an investor is expected to help Sugar cosmetics in gaining new customers. He may play a role in promoting the brand on a large scale, especially among young consumers.
May Boost Sugar’s Expansion
“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, Co-founder and CEO, SUGAR Cosmetics.
The new investment by Ranveer “is expected to further boost SUGAR’s expansion in other potential markets,” it said.
Excited to be onboard
Admiring the makeup brand Ranveer Singh said that rather than being a conventional product it breaks stereotypes. It always had the ability to build a fan following over the years and he is excited to be on board in this journey.
“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.
Ranveer’s actor-wife Deepika Padukone has also invested in several startups, via her investment arm KA Enterprises, like Epigamia, Nua, Blu Smart, Bellatrix Aerospace and Atomberg Technologies, etc.
“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.
Started as D2C in 2015
SUGAR Cosmetics started off 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 touch points across the country.
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.
(with inputs from IANS)
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