Entrepreneurs
Vineeta Singh: The Visionary Behind Sugar Cosmetics’ Phenomenal Success
Vineeta Singh, the co-founder and CEO of Sugar Cosmetics, is no stranger to defying the odds. Her journey from a “spectacular failure” to building a cosmetics empire that generates ₹2 crore in sales per day is nothing short of remarkable. Singh’s story is one of perseverance, passion, and an unwavering commitment to her vision. Vineeta Singh’s entrepreneurial journey began after graduating from IIT-Madras and IIM-Ahmedabad. Despite receiving a lucrative job offer from a leading investment bank, Singh chose a different path. She wanted to create something fast, fun, and scale it quickly to eventually take it public. That ambition led her to found her first start-up, Quetzal, a background verification service for recruiters, in 2007. However, it proved to be a tough and challenging endeavor, marked by intense competition and price wars.
Singh learned a crucial lesson from this experience: businesses that primarily compete on price rather than value often face insurmountable challenges in India. This setback didn’t deter her entrepreneurial spirit; it merely redirected her focus.
In 2012, as e-commerce in India was gaining momentum and women’s disposable income was on the rise, Vineeta Singh decided to embark on a new venture. She launched Fab Bag, a subscription-based business that provided women with a curated selection of beauty products every month. This initiative connected Singh with a community of 200,000 women who shared their preferences, skincare challenges, and dislikes. While analysing this valuable data, Singh made a pivotal observation. Existing makeup brands, whether foreign or local, did not cater to Indian skin tones and the demands of Indian lifestyles. This realization prompted her to create a makeup brand that was long-lasting and matte, ideal for enduring public transport and polluted roads without makeup smudging.
Sugar Cosmetics was founded in 2015 with a strong emphasis on customer education. Singh understood that in the beauty industry, education is a critical precursor to commerce. To enable her customers to make informed choices, the Sugar team leveraged platforms like YouTube, Instagram, and their app to educate and empower consumers. What set Sugar apart from most digital-first brands was its early development of an omnichannel presence. Singh’s strategy was clear: be where the customers shop, whether in local stores, Shoppers Stop, or Nykaa. This approach made it incredibly convenient for customers to access Sugar’s products.
Today, Sugar Cosmetics boasts a physical presence in over 2,500 outlets across 130 Indian cities. In FY20, the company achieved a revenue of ₹105 crore. Furthermore, it raised $21 million in venture funding, led by Elevation Capital, valuing the start-up at ₹750 crore. Singh’s dynamic leadership style, characterized by energy, multitasking prowess, and an eye for detail, has been instrumental in Sugar’s incredible growth. Madhukar Sinha, founding partner of India Quotient, praises Singh’s inspiration within the team for ambition and high performance.
Despite the remarkable success she has achieved, Vineeta Singh is far from done. Her sights are set on capturing a significant share of the ₹10,000 crore beauty market in India. She humorously remarks, “All I want to do is keep building. I realize now how similar I am to my father. Irrational passion must be genetic.”
Vineeta Singh’s journey from a “spectacular failure” to becoming the driving force behind Sugar Cosmetics exemplifies the transformative power of passion and perseverance.