Beauty brand Sugar Cosmetics reported a 17.8% Y-o-Y (year on year) decline in revenue for FY25. Net revenue stood at Rs 415 crore as of 31 March 2025, as compared to Rs 505 crore in the previous year, as per data from The Arc

Slowdown in growth

The Vinita Singh- and Kaushik Mukherjee-led company’s EBITDA slipped to a loss of Rs 108 crore, with margins deteriorating to –26%, reflecting weaker profitability amid a slowdown in growth and rising operational costs.

During the year, Sugar raised Rs 41 crore in equity funding led by Anicut Capital, and an additional Rs 15 crore in debt from Stride Ventures, as the company sought to manage working capital and expand selectively in offline retail.

Last month, the brand launched its Gen Z-focused beauty line, Molten, in partnership with Myntra. Sugar currently operates through over 200 exclusive brand outlets across 50 cities and thousands of retail touchpoints nationwide. Online sales contribute roughly 40% of its total revenue.

According to data platform Tracxn, Sugar Cosmetics was valued at Rs 2,943 crore ($350 million) as of January 2025. Its investors include A91 Partners, Elevation Capital, L Catterton, and India Quotient.

More about Sugar Cosmetics

Sugar Cosmetics was founded by Shark Tank judge Vinita Singh and Kaushik Mukherjee in 2015, and markets accessible, high-quality makeup and skincare specific to Indian tones. The company relied heavily on digital-first content, with influencer marketing and content-driven commerce, in order to reach the urban millennial and Gen Z consumers. Over the years, the brand has expanded to a hybrid retail strategy with 200+ exclusive brand outlets and is present across beauty and fashion marketplaces in over 50 cities.