Mumbai-primarily based cosmetics start-up Sugar has raised USD 2 million (approx Rs 14.68 crore) in a Series C investment spherical led through Stride Ventures.

Series C financing (additionally called Series C spherical) is one of the levels in the capital-elevating method with the aid of using a start-up.

“Stride Ventures… led a debt spherical of USD 2 million in Sugar Cosmetics … The fund has partnered with one in every of India”s main personal banks for this deal and is dedicated to being a strategic accomplice in Sugar”s boom adventure with their customised services and deep relationships throughout banks and corporates,” Stride Ventures stated in a statement.

Vineeta Singh, Co-founder and CEO, Sugar Cosmetics stated: “Sugar performs in a excessive gross margin class which makes debt a awesome preference for us.

“With advanced product-marketplace suit and long-time period boom appetite, we’re enthusiastic about running with Stride and their accomplice personal financial institution and announce USD 2 million because the first tranche of the Series C investment that we are hoping to shut later this year,” Singh stated.

Stride Ventures stated that is the 10th funding from its maiden fund and marks its first foray into the life-style segment.

“The funding in Sugar reinforces Stride”s persevering with choice for homegrown start-ups which have proven sturdy agency fundamentals. Apart from a 6X leap in sales in 2 years, Sugar”s hybrid approach, with a strong on-line in addition to offline presence throughout 2,four hundred stores in over a hundred thirty towns and sturdy logo loyalty makes it an appealing proposition,” it added.

Stride Ventures stated those budget may be strategically deployed to hold tempo with Sugar Cosmetics running capital and stock necessities and gas competitive boom via the height income season.

Launched in 2015 with the aid of using IIM-Ahmedabad graduates Vineeta Singh and Kaushik Mukherjee, the logo is a cruelty-loose and content-led splendor logo that goals the more youthful Indian demographic via its variety of low cost top rate products.

In FY20, the agency clocked internet sales of Rs one hundred and five crore.

Stride Ventures released its maiden fund in 2019 and plans to put money into 25-30 startups for Stride Venture India Fund I.