Bollywood actor Ranveer Singh has invested in homegrown beauty company Sugar Cosmetics.
Singh’s investment comes after the company that started out in 2015 as a direct-to-consumer beauty brand raised $50 million in Series D in June, led by L Catterton and existing investors A91 Partners, Elevation Capital and India Quotient.
Singh will be the brand evangelist and build a brand connect across key markets, the company said in a statement. The partnership will help the brand “create new pathways for customer acquisition”, especially with the Gen Z and millennial audiences in India. With the investment, Sugar will eye expansion in other potential markets.
“We are delighted to have Ranveer on board as we look forward to reinforcing our brand connect with consumers. He is undoubtedly one of the most popular youth icons in the country and his unstoppable and clutter-breaking personality fits very well with the brand ethos of Sugar. 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,” said Kaushik Mukherjee, co-founder and COO, Sugar Cosmetics.
Sugar clocks annual sales of over ₹550 crore with a physical presence across 45,000 retail touch points in more than 550 cities. It sells a range of coloured cosmetics such as lip colours and eye makeup both online as well as offline.
