Academic Journey at IIT Madras
Vineeta Singh’s academic journey began at IIT Madras, where she earned her bachelor’s degree in Electrical Engineering in 2005. Coming from an academically strong family, she had clear aspirations to attend the best institutes in India, starting with IIT Madras. Dr. Ashok Jhunjhunwala, a faculty member at IIT Madras, played a significant role in Vineeta’s early exposure to entrepreneurship. Their interactions, starting from her time as a young IITian, sowed the seeds of entrepreneurial aspirations in her mind. Active in sports at IIT Madras, Vineeta won gold and silver medals at 4 Inter-IIT Meets between 2001 and 2005. This experience taught her about avoiding failure and the importance of excelling in areas where she was confident, laying the foundation for her future endeavors.
Career Choices and Financial Success
Post-IIT, Vineeta pursued her MBA at IIM Ahmedabad. With determination and confidence, she secured a substantial payout of one crore from Deutsche Bank. However, her interest and passion extended beyond traditional career paths.
Entrepreneurial Beginnings - Quetzal and Fab-Bag
Vineeta’s entrepreneurial journey commenced with Quetzal in 2007, followed by Fab-Bag in 2012, focusing on women’s lingerie and monthly supplies of cosmetic products, respectively. These ventures faced challenges, showcasing the hardships of entrepreneurship.
Struggles and Decision to Bootstrap
Facing rejections and setbacks, Vineeta decided to bootstrap her next venture, opting for a humble salary and providing background verification services for five years. This period was marked by resilience and determination to never give up, despite the challenges and doubts about her experience.
Identification of Market Gap
Through market research and client interactions, Vineeta identified a gap in women’s personal care and beauty products. She observed a lack of options specifically catering to young women who sought quality yet affordable products.
Sugar Cosmetics - Empowering Young Women
Fueled by a vision to change the narrative of the Indian female workforce, Vineeta founded Sugar Cosmetics. She aimed to inspire young girls to dream big and challenge gender norms. Sugar’s focus on offering world-class products at affordable rates gained traction through word-of-mouth publicity and customer reviews.
Challenges and Triumphs
Overcoming gender-based funding conditions, Vineeta and her husband co-founded Sugar. The brand, valued at 3000 crores, became a success by understanding the needs of young women and providing long-lasting, affordable, and confidence-boosting makeup products.
Vineeta Singh’s journey from IIT Madras to becoming the CEO of Sugar Cosmetics reflects her resilience, entrepreneurial spirit, and commitment to empowering women in the business world.