StartupFox
Sugar Cosmetics has raised ₹144.5 crore from A91 Partners, which subscribed to the entire issue. The board approved the allotment of 1,12,248 Series D7 compulsorily convertible preference shares at ₹12,871 apiece to A91 Emerging Fund III in a resolution passed on 1 September, and A91 will hold roughly 19.97 percent afterwards. No new investor took part.
Estimates of the post-money valuation vary between about ₹550 crore and ₹755 crore, which places the round somewhere between 75 and 82 percent below the roughly ₹3,000 crore Sugar carried in 2022, when L Catterton led a $50 million Series D.
Early investors are separately looking for the door. Stakes worth up to ₹150 crore are reportedly being shopped, and a consulting firm has been pitching Sugar shares at a fraction of peak valuation with a minimum ticket of around ₹25 crore.
- ₹144.5 croreRound Size
- ~₹3,000 crorePeak Valuation, 2022
- ₹404 Cr / ₹135 CrFY25 Revenue and Loss
StartupFox
5 reports filed for Friday 4 September 2026, compiled from company statements, registry filings and StartupFox reporting. Figures marked reported were not confirmed by the companies named.
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