Sugar Cosmetics raises Rs.145-Cr from A91 Partners at 80% valuation cut

Mumbai-based Sugar Cosmetics has raised INR 144.47 crore (USD 15.3 million) in a fresh equity funding round from A91 Partners. The firm allotted 1.12 lakh Series D7 compulsorily convertible preference shares (CCPS) to A91 Emerging Fund III at INR 12,871 per share.The investment reflects a significant valuation adjustment for the company, with post-money valuation now estimated between INR 550 crore and INR 600 crore. This represents a decrease of approximately 75-80% from the INR 2,600 crore to INR 2,700 crore valuation achieved during its previous funding round in November 2024.Founded in 2015 by Vineeta Singh and her husband Kaushik Mukherjee, the company sells beauty and personal care products through its own website, physical stores, and e-commerce platforms. It operates a portfolio of four brands, including Sugar, POP, ENN, and Quench Botanics. The company plans to use the capital to support operations.