FINANCIAL RESULTS NATIONAL
DELHI, INDIA
By IFAB MEDIA - NEWS BUREAU - January 3, 2024 | 113 2 minutes read
SUGAR Cosmetics, the beauty ecommerce brand under the leadership of Vineeta Singh, has recorded significant growth in the financial year ending March 31, 2023, approaching the INR 500 Cr mark. The startup reported an impressive operating revenue of INR 420.2 Cr in FY23, marking an 89% increase compared to the INR 221.8 Cr generated in the previous fiscal year.
It's noteworthy that SUGAR Cosmetics generates revenue by offering a diverse range of cosmetics and beauty products.
Founded in 2015 by Vineeta Singh and Kaushik Mukherjee, SUGAR Cosmetics initially began as a direct-to-consumer (D2C) brand with a strong online presence. However, it later transitioned to an omnichannel model, boasting a network of over 40,000 retail outlets spanning across more than 550 cities in India. The platform specializes in marketing products in categories such as lips, eyes, face, nails, and skin.
Inclusive of other income sources, the startup's total revenue reached INR 428.3 Cr, reflecting a substantial 91.3% increase from the INR 223.8 Cr generated in the preceding fiscal year.
As the revenue soared, SUGAR Cosmetics successfully managed to control its losses. In FY23, the startup incurred a net loss of INR 76.2 Cr, representing a marginal increase from the INR 75.9 Cr incurred in the previous fiscal year. The impressive financial performance positions SUGAR Cosmetics for continued success and growth in the highly competitive beauty and cosmetics industry.