Bollywood star Ranveer Singh has invested in beauty products startup Sugar Cosmetics, a statement issued by the company said without disclosing the investment details.
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.
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.
“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 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, Cofounder and CEO, Sugar Cosmetics.
“Ranveer’s personality of being bold, quirky, and vibrant makes the partnership a natural fit,” she added.
Sugar Cosmetics, which started off as a D2C brand in 2015, ventured into offline retail in 2017, and has annual sales of over Rs 550 crores, the company said.
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.
