Indian omnichannel beauty retailer SUGAR Cosmetics has raised close to $50m in a Series D financial round.

The company will use the proceeds from the funding to expedite its expansion drive in India’s beauty and personal care markets, which are expected to reach approximately $21bn by 2025.

SUGAR has more than 40,000 retail outlets across more than 550 cities in the country.

The company currently records annualised revenue of around Rs5bn ($64.3m) and this is expected to reach Rs20bn ($257.4m) over the next two to three years.

SUGAR co-founder and CEO Vineeta Singh said: “Consumers are at the heart of all we do.

“At SUGAR, we are devoted to creating innovative products that meticulously cater to the preferences of women with diverse skin tones and types who believe in expressing themselves with high-quality cosmetics and skincare products that complement their inner beauty.”

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The latest round was led by the Asian fund of consumer-focused private equity firm L Catterton.

Existing investors, including A91 Partners, Elevation Capital and India Quotient, also joined the funding.

Singh added: “L Catterton shares our ethos of truly understanding what matters most to consumers, and my co-founder Kaushik and I are thrilled to welcome the firm as our partner.

“The firm’s brand-building and value-creation capabilities will fortify our growth as we continue on our journey of delighting and over-delivering on the expectations of our customers and fans.

“We are also extremely grateful for our existing investors’ unwavering faith in both of us and the unstoppable team that is making our collective dream a reality.”

Last February, Sugar raised $21m in a funding round led by Elevation Capital, valuing the cosmetics brand at more than $100m.

The brand manufactures its products from facilities across Germany, Italy, India, the US and South Korea.