New Delhi, Sep 3 (IANS) Bollywood star Ranveer Singh has made his first seed investment in direct-to-consumer (D2C) brand SUGAR Cosmetics, the company announced on Saturday. However, he did not disclose the investment figure.
SUGAR Cosmetics started as a D2C brand in 2015, then ventured into offline commerce in 2017.
Currently, it records annual sales of over Rs 550 crore with a physical presence with over 45,000 retail touchpoints across the country.
“I have admired SUGAR’s ability to create tremendous fan-following over the years and am thrilled to be a part of this journey and help the brand achieve its mission of providing Indian women with access to products high-end, quality makeup specially formulated for them,” Singh said.
In June, SUGAR Cosmetics raised $50 million in Series D funding led by L Catterton’s Asian fund. The round also saw participation from existing investors: A91 Partners, Elevation Capital and India Quotient.
Ranveer’s new investment “is expected to further drive SUGAR’s expansion into other potential markets,” he said.
“SUGAR is the makeup of choice for bold, independent women who refuse to be stereotyped in roles and if anyone shares the same DNA as ours, it’s Ranveer,” said Vineeta Singh, co-founder and CEO of SUGAR Cosmetics.
“This will help energize our growth trajectory as we continue to aggressively scale SUGAR into a leading, highly regarded makeup and beauty brand,” added Kaushik Mukherjee, Co-Founder and Chief Operating Officer.
Ranveer’s actress-wife, Deepika Padukone, has invested in several startups, through her investment arm KA Enterprises, like Epigamia, Nua, Blu Smart, Bellatrix Aerospace and Atomberg Technologies, etc.