Bollywood actor Ranveer Singh has invested an undisclosed amount in D2C beauty startup Sugar Cosmetics. Singh’s investment is roughly equal to the $50 million in funding the startup raised from L Catterton’s Asia fund.
Sugar hopes this partnership will strengthen the position of fans and create new avenues to engage customers, especially with Generation Z and Millennial audiences in India.
Sugar Cosmetics started as a direct-to-consumer brand in 2015 and ventured into offline commerce in 2017. Today, the brand claims to have an annual turnover of over Rs 550 or more with over 45,000 points. retail in more than 550 cities.
Ranveer Singh quoted “I take pride in partnering with a brand that believes in empowering women. I have admired Sugar’s ability to build a tremendous fan following over the year. I’m excited to be a part of this journey and help the brand provide Indian women access to premium & quality makeup products, specially formulated for them.”
Vineeta Singh, Co-founder and CEO of Sugar Cosmetics, 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 [Singh]! His personality makes the partnership a natural fit.”
Additionally, Singh also joins the list of Bollywood actors who have recently invested in startups. Cloud kitchen operator Curefoods raised funds from Varun Dhawan in April and Nora NSE 4.98% Fatehi in July this year. Fatehi also became a brand ambassador for Cakezone, the startup’s dessert brand.