Vineeta Singh and the sweet success of Sugar Cosmetics
The enormous success of Shark tank India has made it a household name in the entire nation. With giving a platform to the many entrepreneurs in India, It has also provided women entrepreneurs a boost in its debut season. The stories of some women entrepreneurs have been very motivating and so is the success story of one of the sharks, Vineeta Singh. Since the last 2-to 3 years, Vineeta has been motivating female entrepreneurs and has demonstrated that risks taken with determination and diligence are worthwhile.
Vineeta Singh is an inspiration to anyone interested in entrepreneurship. Her net worth is mostly based on the success of her cosmetics line, Sugar. Sugar Cosmetics has made her one of the most popular search terms right now.
Early life
Vineeta graduated from IIT Madras with a bachelor's degree in electrical engineering. She then went on to IIM Ahemdabad to earn a master's degree in business administration. Singh had decided to start her own business by the end of her degree, and turned down a job offer of Rs. 1 crore to do so.
“I always felt strongly about building something with women as the core customer, so when my first startup didn’t scale, I decided to launch a beauty subscription company with my co-founder, Kaushik, in 2012. The 200,000 women who shared their detailed beauty preferences with us were at the heart of our pivot to SUGAR Cosmetics, which launched as a direct-to-consumer makeup brand in 2015.”
-Vineeta Singh, CEO Sugar Cosmetics
Sugar
Sugar is Vineeta’s third startup. Prior to that, she founded Quetzel and Fab Bag. Fab bag is cosmetic subscription service, which has helped her to increase her net worth. She led the company for nine years, during which time it grew to 200,000 consumers. Singh learned about the preferences, skin concerns, and dislikes of this close-knit group of women. As she combed through the information, she realized that the cosmetic companies offered. Whether international or domestic, didn't appeal to Indian skin tones or lifestyles.
“Makeup had to be long-lasting and matt so that even if a customer travels by public transport on local trains or polluted roads, her makeup won’t come off,”
-Vineeta Singh, CEO Sugar Comestics
Singh founded Sugar with her husband Kaushik Mukherjee in 2015, armed with these insights. The company's main focus was on customer education. To reach out to customers, the team used YouTube, Instagram, and Sugar's own app. Sugar, unlike other digital-first firms, was one of the first to establish an omnichannel presence.
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Sugar now has a physical presence in over 130 locations across India, with over 2,500 stores. In FY20, it generated 105 crores in sales and secured $21 million in venture capital from Elevation Capital, valuing the company at 750 crores.
Personal life
In addition, Singh is the mother of two children. Vineeta is also a health and fitness fanatic. Her main workout consists of jogging, which she began while she was at her lowest point in life. At the age of 23, the entrepreneur had left her birthplace, acquired a charming apartment in Mumbai, and set out on a path to become the CEO and creator of India's most successful cosmetic firm. Vineeta Singh's net worth has been estimated to be about Rs 300 crore.
Vineet and Kaushik have been working together and have shown to be a formidable team. Her husband, Kaushik, is in charge of the IT department, while she serves as the company's CEO. Her vision and dedication have demonstrated that resolve combined with hard effort can turn any situation around.
