SUGAR Cosmetics, an Indian omnichannel beauty and cosmetics brand, has raised about Rs 144.5 crore from present investor A91 Companions, in keeping with regulatory filings, in a funding spherical that values the corporate considerably beneath ranges seen in earlier rounds.

The Mumbai-based firm allotted 112,248 compulsorily convertible choice shares to A91 Rising Fund III at a problem value of Rs 12,871 every. Its board accepted the transaction on 1 September.

Below the phrases of the difficulty, the shares will convert into fairness if the corporate lists or someday earlier than the tip of a 20-year interval from their date of difficulty.

In response to the experiences, the corporate’s post-money valuation stood at between Rs 550 crore and Rs 600 crore.

In November 2024, the corporate was estimated to be valued at between Rs 2,600 crore and Rs 2,700 crore when it raised about Rs 38 crore from present buyers, together with Anicut Fairness Continuum Fund, Elevation Capital, Malabar Funding and L Catterton.

SUGAR had beforehand raised $50 million in a Collection D spherical led by L Catterton in Could 2022.

The most recent funding comes after a weakening within the firm’s monetary efficiency.

Regulatory filings present that working income fell about 20% to Rs 404.4 crore within the monetary 12 months ending March 2025, from Rs 505.1 crore a 12 months earlier. Internet loss almost doubled to Rs 135 crore from Rs 68.4 crore.

SUGAR’s EBITDA loss additionally rose to about Rs 116 crore in FY25 from Rs 48.5 crore in FY24. The corporate has but to report its monetary outcomes for FY26.

Based in 2015 by Vineeta Singh and Kaushik Mukherjee, SUGAR started with a digital-focused mannequin earlier than increasing into bodily retail. It now sells magnificence and private care merchandise by means of its web site, ecommerce platforms and shops.

The most recent funding gives SUGAR with recent capital after a monetary 12 months during which income declined and losses widened, whereas additionally underlining the sharp valuation correction the corporate has skilled since its earlier fundraising rounds.