Sugar Cosmetics raises $50M in L Catterton's first Indian deal
Sugar Cosmetics has secured $50 million in a new round of funding. The Asia fund of L Catterton led the round in the direct-to-customer brand. Notably, this is L Catterton's maiden deal in India, after the hiring of Anjana Sasidharan from Sequoia Capital India as head of investments in India and Southeast Asia last year. SUGAR Cosmetics, a direct-to-consumer business, has secured $50 million in a Series D round headed by L Catterton's Asia fund. According to sources, the financing was worth close to $500 million. The round was also attended by A91 Partners, Elevation Capital, and India Quotient. This comes at a time when investment rounds are taking longer to conclude, and businesses have resorted to closing non-core verticals, rationalizing marketing and advertising spending, and going on hiring freezes. Earlier this month, the media claimed that SUGAR Cosmetics is in discussions to fund more than $50 million at a valuation of $500 million, a 5x increase in a y...