Sugar Cosmetics seeks to raise Rs.150-Cr at steep valuation cut

Mumbai-based Sugar Cosmetics is seeking between Rs.100-Cr and Rs.150-Cr to address a cash crunch following a period of declining revenue and aggressive offline expansion. The proposed funding round is expected to occur at a valuation of Rs.1,400-1,500-Cr, reflecting a significant decline from the company’s 2022 valuation of approximately Rs.3,000-Cr.Founded in 2012 by Vineeta Singh and Kaushik Mukherjee, the brand claims to offer cruelty-free beauty products such as foundations, highlighters, concealers, and lipsticks. The company plans to use the new funds to narrow its portfolio and maintain pricing discipline to improve its financials.