Bollywood actor Ranveer Singh has made his first investment in the direct to consumer company SUGAR Cosmetics. With this partnership, the brand can create new pathways for customer acquisition with Gen Z and Millennial in India, the company highlighted.
The bollywood actor’s investment announcement comes close on the heels of the $50 million Series D fundraise led by the Asia fund of L Catterton. The upsized round saw strong interest from multiple private equity funds with continued participation from existing investors – A91 Partners, Elevation Capital and India Quotient.
Excited about this new partnership, Ranveer Singh added, “Defying the conventional has been embedded in my DNA and I take pride in partnering with a brand that believes in empowering women. 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 & quality makeup products specially formulated for them.”
Commenting on the announcement, Vineeta Singh, Cofounder and CEO, SUGAR Cosmetics said, “We are absolutely thrilled to welcome Ranveer to the SUGAR family. 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! His personality of being bold, quirky, and vibrant makes the partnership a natural fit.”
“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, Cofounder & COO, SUGAR Cosmetics.
SUGAR Cosmetics started off as a D2C brand in 2015 that quickly ventured into offline trade in 2017. Today, the brand clocks annual sales of more than INR 550+ Crores with a physical presence with 45,000+ retail touch points across 550+ cities as of today.
Singh joined the list of celebrity funding, many celebrities like Varun Dhawan invested in CureFoods in April and Noora Fatehi became a brand ambassador of Cakezone. This drift has been seen in the investing pattern as celebrities are also foraying into the sector.