With an investment in direct-to-consumer SUGAR Cosmetics (D2C), Bollywood actor Ranveer Singh is the latest investor to join the Indian startup saga.
The local cosmetics company made the announcement on Saturday but hid details of Ranveer’s contribution.
The movie star investment follows the company’s $50 million Series D funding round, led by L Catterton and including previous investors A91 Partners, Elevation Capital and India Quotient.
“I have admired SUGAR’s ability to build a tremendous fan-following over the years and I’m excited to be a part of this journey and help the brand achieve its mission of providing Indian women access to premium and quality makeup products specially formulated for them,” said Ranveer.
“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,” said Vineeta Singh, Cofounder and CEO, SUGAR Cosmetics
In 2015, SUGAR Cosmetics was launched as a direct-to-consumer business, and in 2017 it entered the offline market. With a physical presence in more than 45,000 retail stores nationwide, it is currently recording annual sales of over Rs 550 crore.
Deepika Padukone, actress and wife of Ranveer, has funded many businesses through her investment firm KA Enterprises, including Epigamia, Nua, Blu Smart, Bellatrix Aerospace and Atomberg Technologies.