Background and Education
Vineeta Singh was born and bought up in Delhi. She completed her degree in Electrical Engineering from IIT Madras and her MBA from IIM Ahmedabad. She was the first student from India who was offered a one crore salary from Deutsche Bank but she rejected it.
Current Net worth
As per the current valuation of her company which is around 500 million Dollars, her net worth is more than 100 million dollars.
She first launched Quetzal Online Private Limited back in 2007 with Devashish Chakravarty, Bhushan Dabir, Vishal Prabhulhanolkar. Her company provided academic content to B-schools and secondary schools and also recruitment and background verification services to leading corporate clients such as FedEx, ICICI Prudential, Reliance Industries, ITC, Marico, Equirus Capital, Mahindra Consulting.
Fab Bag Brand
Her next big venture Fab Bag company gave her experience and learning to launch Sugar Cosmetics.
Fab Bag was a beauty subscription platform that delivers a personalized bag of beauty products every month to women for as low as INR 399/.
It not only gave access to women of premium international standard beauty products but also educate them on how to use them.
I had always wanted to start up, so in 2007, I gave up an investment banking offer to start an HR outsourcing firm. We provided background verification and hiring services to large companies and ran a profitable setup in Mumbai. In 2012, when I was traveling abroad, I came across the subscription commerce space in the US and decided to launch a beauty subscription platform in India. The rest is history.”Vineeta Singh
What Vineeta learn from a fab bag
She recognize that there is a huge opportunity in cosmetics, as international brands were not making makeup products that suits Indian skin type. Secondly, she understood the mindset of Indian millennial women and what type of cosmetics and body products they longed for.
The two important lessons that she learned from the fab bag that made sugar cosmetics a household name were :
- Understanding behaviour and aspiration of Indian women.
- The consumer, buys the product which they identify with.
Here is how she replied to question when asked the following question–
The beauty industry is very competitive, so what helps the brand in staying ahead of the curve?
“It’s the ability to know its consumers and create content which is relatable, “Creating content that educates women on the concept of beauty and makeup is very important. Every month around 50 million women visit our platform and learn from it. It’s the amalgamation of content and community which helps us in being at the top of the gamehttps://www.entrepreneur.com/en-in/women-entrepreneur/vineeta-singh-making-lives-sweeter-with-sugar/442869
Why she founded sugar cosmetics?
Here is how she answered when asked why she pivoted to sugar cosmetics.
“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.”,https://in.sugarcosmetics.com/blog/vineeta-singh-is-disrupting-what-it-means-to-be-a-woman-in-the-business
What she understands from the feedback of 20000 FAB Bag consumers is that there is a need for transfer-proof and long-lasting makeup. She trusted her intuition and without wasting any time launched Sugar Cosmetics.
Reason for the success of sugar cosmetics
Sugar Cosmetics rise is directly proportional to the consumption of digital content. By creating high-quality content related to makeup and cosmetics, millions of Millennials resonate with the sugar brand.
- Minimalist and international standard packaging.
- Collaborating with influencers.
- Selling high-quality products at a reasonable price.
However, her journey was not smooth, She has to face many problems while raising funds for sugar cosmetics.
In an Instagram post published by Humans of Bombay, she recalls
Once, an investor refused to meet me. He wanted to talk business with a ‘man’. But I let my work do the talkinghttps://www.msn.com/en-in/entertainment/entertainmenttopstories/vineeta-singh-discusses-the-harsh-comments-in-shark-tank-india-and-why-thats-not-her-style/ar-AATqEQa
Now, Sugar cosmetics is India’s most successful direct-to-consumer brand Present in 550 cities and in more than 35,000 outlets, has raised more than $85 million in the fiscal year 2022 and revenue of around 2.2 billion Indian rupees.