Ranveer Singh makes his first startup investment in SUGAR Cosmetics
Actor Ranveer Singh is making money moves! The actor has reportedly made his first startup investment in SUGAR Cosmetics—one of India's fasted growing beauty brands. Reports suggest that Singh's investment in the direct-to-consumer brand is close to the $50M funding raised by the brand from the Asia fund of L Catterton. This partnership will cement the brand's status among the millennials and Gen Z.
Why does this story matter?
SUGAR Cosmetics kicked off in 2015 as a D2C brand and soon spread its roots in offline trade by the year 2017. According to reports, the brand records yearly sales of more than Rs. 550cr and is spread across the country with over 45,000 physical stores that are located in 550 prominent spots. Additionally, the brand has witnessed immense growth in terms of sales.
Here's what Singh had to say about the brand
Talking about the brand's success, Singh said in a statement, "I have admired SUGAR's ability to build a tremendous fan-following over the years. He also said that he was thrilled to be a part of the journey and also to "help the brand achieve its mission of providing Indian women access to premium and quality makeup products specially formulated for them."
Singh's investment will boost brand's presence in potential markets
As mentioned above, the beauty brand raised $50M in a funding round led by the Asia fund of L Catterton. The round also witnessed the participation of other existing investors like A91 Partners, Elevation Capital, and India Quotient. The amount invested by Singh in the beauty brand remains undisclosed so far but his investment is expected to amplify the brand's expansion in potential markets.
Deepika Padukone, Varun Dhawan, Nora Fatehi have invested in startups
With this move, Singh has joined other Bollywood actors who recently started investing in startups. Varun Dhawan funded the cloud kitchen operator Curefoods in April while Nora Fatehi became the face of the dessert brand startup CakeZone. Singh's wife and actor Deepika Padukone, too, has invested in brands via KA Enterprises like Epigamia, Nua, Blu Smart, Bellatrix Aerospace, and Atomberg Technologies, among others.
