D2C cosmetic brand, Sugar Cosmetics has closed its series C funding round with a combined capital of $21 million. The latest round was initiated in October 2020 when the company had raised $2 million from venture debt fund, Stride Ventures. The latest infusion of capital was led by Elevation Capital (formerly SAIF Partners). The round also saw participation from existing investors A91 Partners and India Quotient. With the latest funding round coming to a close, the company has doubled its valuation to reach $100 million.

Founded in 2012 by husband and wife duo, Vineeta Singh and Kaushik Mukherjee, Sugar Cosmetics is an omni-channel beauty and personal care brand. The company witnessed 70-80 percent of its sales coming in through the online platform during the lockdown. However, the D2C brand intends to continue pushing offline sales as well. Currently retailing through 10,000 outlets, Sugar Cosmetics intends to increase the number to 40,000 over the next 12-18 months.

“We feel that over the next five years, 80-85% of the market will continue to shop offline and hence want to expand our retail presence in the country,” said Vineeta Singh, CEO & Co-Founder, Sugar Cosmetics.

In a statement, Vineeta said that the fresh capital will be invested towards bolstering Sugar Cosmetics’ R&D, focus on content creation and expand distribution abilities. The company is also aiming to double its current Rs 200 Crore revenue run rate over the next one year.

According to a report by Redseer the Indian cosmetics and personal care industry was expected to grow at a CAGR of 9%, from $14-15 billion in 2017 to $22-23 billion in 2022.