Bollywood actor Ranveer Singh invests in beauty care startup Sugar Cosmetics
Singh’s investment comes soon after a $50 million Series D fundraise in the start-up, led by consumer-focused private equity firm L Catterton.
BollywoodMDB Team | Updated On: Sep 4, 2022 06:17 PM IST
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According to a statement from the company that omitted specifics about the transaction, Bollywood actor Ranveer Singh has invested in the startup company Sugar Cosmetics, which sells cosmetic goods.
The statement said Singh will “play the role of brand evangelist and build connect across key markets.” The investment is expected to fuel Sugar's expansion in other potential markets.
"I have admired SUGAR`s ability to build a tremendous fan following over the years. 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 Ranveer Singh.
The new investment by Ranveer "is expected to further boost SUGAR`s expansion in other potential markets," it said.
"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 of Sugar Cosmetics.
“Ranveer’s personality of being bold, quirky, and vibrant makes the partnership a natural fit,” she added.
The company said that sugar Cosmetics, which started as a D2C brand in 2015, ventured into offline retail in 2017 and has annual sales of over Rs 550 crores.
The beauty startup has been named as a case study at the Indian Institute of Management Ahmedabad (IIM-A) Case Centre, the company's chief operating officer Kaushik Mukherjee posted on LinkedIn.
