Startup news and updates: daily roundup (September 03, 2022)

Ranveer Singh joins SUGAR Cosmetics’ Series D round

Bollywood actor Ranveer Singh has become an investor in the beauty and cosmetic brand, SUGAR Cosmetics, as part of its Series D funding round. The company did not disclose the size of the funding. 

In May 2022, SUGAR Cosmetics raised $50 million as part of its Series D round, led by Asia fund of L Catterton. The round also saw participation from returning investors A91 Partners, Elevation Capital, and India Quotient. 

Founded by Kaushik Mukherjee and Vineeta Singh in 2015, SUGAR started out as a direct-to-consumer (D2C) cosmetic brand which diversified into an omnichannel strategy in 2017. The brand claims to clock annual sales of over Rs 550 crore and has a presence across 45,000 retail touch points. 

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SaaS-led B2B commerce platform Soptle raises angel round

Gurugram-headquartered software-as-a-service (SaaS) platform for business-to-business (B2B) commerce Soptle has raised an undisclosed amount in an angel round led by Soonicorn LLP and a group of marquee investors including Vaishnav Shetty, Executive Director and CDO of Allcargo; Pirojshaw Sarkari, CEO of Gati; former founder of Fitso, Saurabh Agarwal; and others. 

Founded in May 2022 by engineering dropout Pravas Chandragiri, Soptle offers a SaaS-led B2B retail commerce platform to consumer goods companies to distribute its products in a network of 15,000 retailers across the country. The platform currently hosts 400 distributors and 60 manufacturers. 

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(This article will be updated with the latest news throughout the day.)