Sugar Cosmetics Nearly Doubles Revenue, Flat Loss In FY23

Direct-to-consumer beauty and personal care brand Sugar Cosmetics reported a near two-fold rise in revenue and a flat loss in FY23.

The Vineeta Singh-led startup posted revenue from operations of Rs 420.2 crore, up from Rs 221.8 crore in FY22. That came alongside a loss of Rs 76.2 crore, which was little changed from Rs 75.9 crore from the previous fiscal year.

The company's expenses grew to Rs 505.5 crore from Rs 300 crore, mainly on the back of increased promotional spends, which grew to Rs 162.5 crore from Rs 97.5 crore, and employee benefit expenses, which climbed to Rs 60.8 crore from Rs 35.5 crore in FY22.

Sugar retails beauty and personal care products via e-commerce platforms such as Amazon, Nykaa and Flipkart and claims to have a physical presence at over 40,000 retail outlets across 550 cities.