Bollywood star Ranveer Singh has made his first startup investment in the direct-to-consumer (D2C) brand SUGAR Cosmetics, the company announced on Saturday.
It, however, did not divulge the investment figure.SUGAR Cosmetics started off as a D2C brand in 2015 and then ventured into offline trade in 2017.
Currently, it is clocking annual sales of more than Rs 550 crore with a physical presence with more than 45,000 retail touch points across the country.
In June, SUGAR Cosmetics raised $50 million in series D funding led by the Asia fund of L Catterton. The round also saw participation from existing investors.
The new investment by Ranveer "is expected to further boost SUGAR`s expansion in other potential markets," it said.
Ranveer`s actor-wife Deepika Padukone has invested in several startups, via her investment arm KA Enterprises, like Epigamia, Nua, Blu Smart, Bellatrix Aerospace and Atomberg Technologies, etc
"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.