India is currently experiencing a new wave of business and investment. And no we are not talking about the stock market investment that has witnessed a surge in the past few years, but a new television show that has everyone talking business.
Shark Tank India has made every Indian want to understand more about what goes into making the working of an enterprise. While the show has had many high points on the show and many exciting business ideas in just over a month since its launch, it is the sharks that have been making the headlines.
The judge’s panel on the show come from a very impressive struggle story of their own and are the living example that hard work really pays off. Today we are here to talk about the success story of one of the judges, Vineeta Singh, Founder & CEO of SUGAR Cosmetic.
SUGAR Cosmetic has become one of the leading brands in the country with a range of products to make every woman want more. Vineeta has recently featured on the Instagram page of ‘Humans of Bombay’ where she spoke about her journey of becoming a successful entrepreneur.
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Vineeta’s Early Days
Born in Delhi, she completed her schooling with the Delhi Public School, Delhi and Rama Krishna Puran, Delhi. Vineeta Singh has completed her Electrical Engineering from IIT Madras, and MBA from IIM Ahmedabad.
Vineeta had always been a hardworking and intelligent student and even her teachers had advised her to become an entrepreneur one day.
After completing her studies, she moved to Mumbai and rejected all potential job offers to which her parents objected a lot initially. She even gave up a crore-rupee job offer from an investment bank when she was still in her twenties because she wanted to build a firm of her own.
The Journey Forward
Her moving to Mumbai was a very struggling phase of her life. She says that at 23 she was living in a very small house that would flood during the monsoon.
Her hardship did not diminish her passion and she kept on giving one after another tries to start her own business. She even took up running and started participating in marathons.
In her interview with Humans of Bombay, she said, “After a year, I felt brave enough to give entrepreneurship another shot with Fab Bag, a beauty subscription company. But after research, I realized the need for quality cosmetics for Indian women–that’s how Sugar Cosmetics was born.”
The Taste Of Sweet Success
SUGAR was launched as a direct-to-consumer makeup brand in 2015. The company has raised millions of funds since then and sells around 650,000 products per month.
Their app has over 1 million downloads and the Instagram page has millions of followers. They also have offline retail stores across 130+ cities in India.
In 2020-21, the firm achieved Rs 130 crore in revenue, and raised $21 million (Rs 160 crore) in venture funding, bringing its valuation to Rs 750 crore.
The real reason for SUGAR cosmetics success could be credited to the company’s ideology of making products that understand the Indian skin tone and the Indian weather, unlike any foreign brand.
