Improve Your Business enterprise,
Not Your Inbox
Remain informed and be part of our daily newsletter now!
3 min examine
Views expressed by Entrepreneur contributors are their individual.
You happen to be reading Entrepreneur India, an worldwide franchise of Entrepreneur Media.
VINEETA SINGH, Co-founder & CEO, SUGAR Cosmetics
Following finding out Electrical Engineering at IIT Madras, Vineeta Singh went to B-School at IIM Ahmedabad prior to commencing her entrepreneurial journey. Sharing far more on her startup spirit, Singh claims, “I normally felt strongly about setting up some thing with women as the main customer, so when my initial startup did not scale, I determined to start a magnificence subscription company with my co-founder, Kaushik, in 2012. The 200,000 females who shared their thorough natural beauty tastes with us have been at the coronary heart of our pivot to SUGAR Cosmetics, which released as a direct-to-customer make-up manufacturer in 2015.” When SUGAR introduced quality good quality, prolonged-long lasting make-up with shades for India, the brand name grew virally through women of all ages conversing about it on Instagram, YouTube, and Facebook. Even though the early adopters for SUGAR were being additional digital-savvy, doing the job women living in metros, they now see a ton of younger, millennial gals in the 20 to 35 age team throughout India, which include Tier 2/3/4 towns, aspiring to possess SUGAR goods.
When SUGAR was launched, significant legacy brand names in no way regarded as e-commerce and social media as significant prospective income and advertising and marketing channels, so Singh felt that they weren’t ready for the young, new India. Chatting about the original issues, Singh mentions, “When we attempted raising cash, we were informed that digital-1st elegance will be a small sector and that it would be difficult to contend with substantial FMCG firms with out elevating hundreds of hundreds of thousands of bucks. We had been even informed that the solution itself will not be a strong moat due to the fact it is a commodity.”
Which includes their hottest Series C funding of $21 Million, to day, the business has raised a complete of $33 Million from Elevation Funds, A91 Associates, India Quotient, RB Investments, and other individuals. SUGAR Cosmetics has sold more than 15 million items to date and at this time sells about 650,000 products and solutions every thirty day period. Its application has much more than 1 million downloads, and its Instagram site has 1.1 million followers and each and every month their full engagement on social media is 250 million. With a retail footprint throughout 130+ towns in 10,000+ retail stores, they have achieved an yearly turnover operate rate of INR 200 crore. Their offline channels consist of exceptional brand retailers, counters in large formal retail chains. The purpose is to mature from 10,000 stores to 40,000+ in the next 12-18 months when expanding application downloads from 1 mn to 4 mn consumers.
This year on Intercontinental Women’s Working day, the beauty brand launched its first-at any time product collaboration, the SUGAR X Marvel Lady selection right after acquiring the rights from Warner Bros. Media for a period of 1 year from the launch.
“Since most of our retail customers started shopping us online, this really assisted us recover to pre covid levels by September and by November 2020, we experienced bouced to 150% of pre covid degrees.”
(This posting was initially posted in the March 2021 issue of Entrepreneur Journal. To subscribe, click here)