Sugar Cosmetics hunts ₹100–150 cr rescue round at half its 2022 peak valuation
D2C beauty brand is tapping family offices and HNIs at a ₹1,400–1,500 cr valuation, down from ₹3,000 cr in 2022, as FY25 revenue slid to ₹398 cr and losses widened to ₹134 cr. It has halved offline footprint and cut costs by ₹90–95 cr while rivals Purplle and Renee pull ahead.
What happened
Sugar Cosmetics seeking ₹100-150 crore rescue funding at ₹1,400-1,500 crore valuation, half its 2022 peak, amid cash crunch, declining revenue and widened
Key facts
- ₹100-150 crore fundraise target
- valuation ₹1,400-1,500 crore (down from ₹3,000 crore 2022 peak)
- FY26 revenue expected ~₹380 crore
- FY25 revenue ₹397.7 crore (down from ₹504 crore FY24)
- FY25 losses ₹133.7 crore (up from ₹67 crore)
- $5 million prior raise
- 45,000 retail outlets across 550 towns
- 200+ brand-owned stores
- cost cuts improved bottom line by ₹90-95 crore
- Purplle FY25 revenue ₹1,367 crore
- Renee FY26 revenue ~₹440 crore
- India BPC market $40 billion by 2030
Why this matters
A cash-strained Sugar at half its peak valuation with receding offline presence is a live bolt-on candidate for larger beauty houses or roll-up plays seeking brand equity and omnichannel remnants at distressed multiples.