Founded more than a decade back, SUGAR Cosmetics has bagged a 6 per cent market share in the online beauty product marketplace. Apart from the startup itself, its founder Vineeta Singh has also become a household name after appearing as a judge on reality show Shark Tank India.
As the firm competes with the likes of Nykaa and Plum with eyes on profitability in FY24, it hopes to file a draft document for its stock market debut in two years.
Profitability holds the key
As its competitor Nykaa, led by India's richest self-made woman Falguni Nayar, focuses on beauty products, SUGAR eyes the top spot in the market.
Singh feels that achieving that with the fastest-growing profitability and healthy fundamentals is all about getting the timing right.
With SUGAR on track to file the draft red herring prospectus for an initial public offering, Singh is prioritising profitability valued by investors.
Singh's spectacular rise
So far Vineeta's net worth has reached Rs 300 crore thanks to SUGAR's success, and she is also one of the Shark Tank India judges, who collectively gave 81 crore to new entrepreneurs.
SUGAR's plans for IPO follow the success of the initial share sale conducted by its rival Nykaa.
