Sugar, a Mumbai based makeup brand, has raised $2 Mn in a debt-led by Delhi-based venture debt firm Stride Ventures in the first tranche of the Series C funding round.
The company plans to use the funds to keep pace with working capital and inventory requirements and fuel growth through the peak sales season.
It was Founded by Vineeta Singh and Kaushik Mukherjee in 2015, Sugar is currently present in retail chains such as Shoppers Stop, Lifestyle, Central, Health & Glow, NewU, who receive products from the company’s logistics partners, just like at its standalone retail stores. When it comes to online marketplaces, the company has partnered with Amazon, Myntra, Flipkart, and Nykaa. It also operates across 2,400 outlets in over 130 cities.
Vineeta Singh, co-founder, and CEO, Sugar Cosmetics said, “Sugar plays in a high gross margin category which makes debt a fantastic choice for us. With superior product-market fit and long-term growth appetite, we are excited about working with Stride and their partner private bank and announce $2 Mn as the first tranche of the Series C funding that we hope to close later this year.”
Stride Ventures has partnered with a private bank for the deal. Additionally, Stride Ventures will be a strategic partner in Sugar’s growth journey, with its customized offerings and relationships across banks and corporates, the company said in a release.