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Bollywood star Ranveer Singh has made his first startup funding within the direct-to-consumer (D2C) model SUGAR Cosmetics, the corporate introduced on Saturday. It, nonetheless, didn’t reveal the funding determine.
SUGAR Cosmetics began off as a D2C model in 2015 after which ventured into offline commerce in 2017.
Presently, it’s clocking annual gross sales of greater than Rs 550 crore with a bodily presence with greater than 45,000 retail contact factors throughout the nation.
“I’ve admired SUGAR`s potential to construct an amazing fan-following over time and I`m excited to be part of this journey and assist the model obtain its mission of offering Indian girls entry to premium and high quality make-up merchandise specifically formulated for them,” mentioned Singh.
In June, SUGAR Cosmetics raised $50 million in collection D funding led by the Asia fund of L Catterton. The spherical additionally noticed participation from present buyers: A91 Companions, Elevation Capital and India Quotient.
The brand new funding by Ranveer “is anticipated to additional increase SUGAR`s enlargement in different potential markets,” it mentioned.
“SUGAR is the make-up of selection for daring, unbiased girls who refuse to be stereotyped into roles and if somebody shares the identical DNA as ours, it’s Ranveer,” mentioned Vineeta Singh, Cofounder and CEO, SUGAR Cosmetics.
“This can assist supercharge our progress trajectory as we proceed scaling SUGAR aggressively to construct it into a big and much-loved make-up & magnificence model,” added Kaushik Mukherjee, Cofounder and COO.
Ranveer`s actor-wife Deepika Padukone has invested in a number of startups, through her funding arm KA Enterprises, like Epigamia, Nua, Blu Good, Bellatrix Aerospace and Atomberg Applied sciences, and so on.
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