SUGAR raises Rs 144.47 crore at a sharply lower mark
A91 Partners put Rs 144.47 crore into SUGAR Cosmetics at a Rs 433.6 crore pre-money, in a year when the brand's revenue fell about 20 percent and its net loss roughly doubled.
- A91 Partners invested Rs 144.47 crore in SUGAR Cosmetics through A91 Emerging Fund III, as 1.12 lakh Series D7 CCPS at Rs 12,871 per unit.
- The pre-money valuation was Rs 433.6 crore, and the Rs 550 crore to Rs 600 crore post-money range is computed by Inc42 rather than disclosed.
- The 75 to 80 percent cut against the Rs 2,600 crore to Rs 2,700 crore mark of November 2024 is also the outlet's calculation, not a disclosed number.
- FY25 revenue fell about 20 percent to Rs 404.4 crore while net loss widened to Rs 135 crore, and FY26 financials have not been reported.
SUGAR Cosmetics has raised Rs 144.47 crore, or $15.3 million, from A91 Partners through the A91 Emerging Fund III entity. The board resolution is dated 1 September 2026. The money came in as 1.12 lakh Series D7 compulsorily convertible preference shares at Rs 12,871 per unit.
The pre-money valuation was Rs 433.6 crore. Inc42 computes the post-money at Rs 550 crore to Rs 600 crore, or $58 million to $64 million. That range is the outlet’s calculation. It is not a figure the company or the investor disclosed.
The last reported mark was Rs 2,600 crore to Rs 2,700 crore in November 2024, and the peak was about Rs 3,000 crore around 2022. Inc42 puts the markdown at 75 to 80 percent. That percentage is also computed by the outlet rather than disclosed by anyone in the deal.
The FY25 numbers sit underneath the price. Operating revenue was Rs 404.4 crore, down about 20 percent from Rs 505.1 crore in FY24. Net loss widened to Rs 135 crore from Rs 68.4 crore. EBITDA loss went to Rs 116 crore from Rs 48.5 crore. Revenue fell by about a fifth while both loss lines roughly doubled.
FY26 financials have not been reported yet. There is no filing to read on whether that FY25 shape continued, and Inc42 projects nothing, so anything said about the current year is guesswork rather than reporting.
SUGAR was founded by Vineeta Singh and Kaushik Mukherjee.
For an operator the useful read is the spread rather than the headline valuation. Revenue down about 20 percent, net loss and EBITDA loss each roughly doubled, and Rs 144.47 crore in as a single tranche. Inc42 does not break out marketing or trade spend, so the composition of that loss is not visible from this report. If you are negotiating listing fees, co-marketing or trade terms with a beauty brand carrying that shape, ask for it. The FY26 filing is the next real datapoint, and until it lands the honest answer on direction is that it is not known.
Zane’s analysis draws on original reporting by Inc42. Read the original report.