Vineeta Singh’s Sugar Cosmetics has picked up fresh money, but it is the price tag that has people talking.
The Mumbai-based beauty brand has raised about $15.3 million, or roughly ₹144 crore, from A91 Partners, according to Inc42 Datalabs. A91 already owns a stake in Sugar, so this is an existing investor putting in more money. The round was recorded in early September 2026.
The surprise is the valuation. Data platform Multiples.vc puts Sugar’s post-money valuation at around ₹755 crore for this round. Back in November 2024, Inc42 had pegged the company at about $342 million, which is close to ₹2,900 crore. If both figures hold, Sugar is now worth roughly a quarter of what it was less than two years ago. The company has not publicly commented on the valuation.
Sugar Cosmetics funding: the key numbers
- Amount: about $15.3 million (around ₹144 crore)
- Investor: A91 Partners, an existing backer
- Reported valuation: about ₹755 crore post-money
- Total raised so far: more than $105 million across nine rounds
- Revenue: over ₹514 crore in FY24, up 21.4% on the year before
Why would an investor put in more money at a lower price?
It sounds odd, but it happens often. An investor who already owns part of a company gets a bigger slice for the same money when the price drops. The company gets cash to keep growing. And the market reads it as a sign that at least one backer who has seen the books still believes in the brand.
Sugar is not the only one going through this. Plenty of consumer brands that raised money at sky-high prices in 2021 have since had to accept lower valuations. Investors today want to see a clear path to profit, not just fast growth.
How big is Sugar today?
Sugar was founded in 2012 by Vineeta Singh and Kaushik Mukherjee as a direct-to-consumer beauty company and has since added its own stores and a wide offline presence. Inc42’s data shows a team of about 1,680 people.
Its earlier rounds include a $50 million Series D in May 2022 and a $5 million debt-and-equity round from Stride Ventures in July 2025. We also covered its November 2024 top-up at a flat valuation. Looking back, that round was an early sign that the company’s price was under pressure.
What we don’t know yet
Sugar hasn’t said how it will use the money, whether any early shareholders sold part of their stake, or what its FY25 numbers look like. Vineeta Singh, who is also a familiar face as a judge on Shark Tank India, has not spoken publicly about the round so far. We will update this story when the company shares more.
Sources: Inc42 Datalabs and Multiples.vc, as of October 11, 2026.
