Vineeta Singh and Kaushik Mukherjee: A Tale of Resilience and Success

While studying in distinct classes at the business school, Kaushik and Vineeta eventually crossed paths. From 2006 to 2008, Kauhsik attended IIM-A and Vineeta joined a batch earlier. The two got together to discuss job suggestions. Kaushik started her business career in 2008, while Vineeta started hers in 2007. Regarding the literature they would read and the music they would listen to, they were both similar. When Vineeta left university, they started communicating and seeing each other. Vineeta’s prior employment terminated abruptly. There were four companions, each going in a different direction. There was unresolved business and a lot of heartburn.

Kaushik Mukherjee, Co-founder & COO of SUGAR Cosmetics explains how they started working together after getting married, “We thought this was a great time to start before people started asking when you’re going to have kids because he was leaving her startup and I had just finished two years at McKinsey.” Initially, both of them had the chance to look at everything, but as founders, Kaushik focused mostly on operations, marketing, technology, and e-commerce. On the other hand, Vineeta handled all aspects of product development, financing, retail, and sourcing.

Over the previous 12 years, they have remained inside their respective business fields. Vineeta reflects on the early days and recalls, “We started dating within six months of getting to know each other. However, we both made it obvious that we wanted to start our own business and create something. Steve Jobs and Richard Branson served as our all-time role models. We used to listen to rock music together. We even went to a concert together while we were in college. We both adhered to an identical set of values: working hard and making our parents happy. So it was a combination of desire and thankfulness. As friends, we grew closer and eventually transitioned into a romantic relationship.”

They began dating in 2007 and were married in 2011. They decided to make something big together in 2012. From 2007 to 2012, they were individually focused on their ventures, with Kaushik partnering with a batchmate to establish one firm, and Vineeta collaborating with a co-founder from IIM-A to build another. However, it was in 2012, after their marriage, that they collectively decided to embark on a new venture together. 

Vineeta discusses what they have learned from their earlier endeavors, saying, “Having attempted my hand at business in the past and having a co-founder for five years as well as Kaushik for two years brought in a lot of clarity. Due to our prior efforts, it was quite evident that it is necessary to know from the start and fully follow to ensure you find yourself spending a lot of energy making decisions rather than disputing. We realized the importance of clear communication and alignment from the outset, ensuring that energy was spent on decision-making rather than unnecessary disputes.”

It’s simpler to accept the other person’s point of view when one recognizes that there is no such thing as a perfect partnership. Vineeta comments, “We are extremely distinct individuals in terms of how we function and the way we make judgments.” concerning handling conflict. However, I believe that during the first three years, when we continue to figure things out, the issue frequently arises from the ego being pulled into it and remarks being made that are personal. 

Over time, our professional relationship evolved from initial misunderstandings and occasional clashes to a more mature and constructive dynamic. While there may have been moments of tension and disagreement, we both made a concerted effort to prioritize professionalism and mutual respect. However, I believe that over time, we both learned to be much more professional about it, know how to put our egos aside, operate with greater maturity, and recognize when it is not the appropriate moment to carry on an argument.”

The Power of Collaboration

During their discussion about their roles in the startup, Vineeta, and Kaushik emphasized the significance of their contributions to the venture’s success. In response, Kaushik states, “Back in 2015, there was a period when you were simply attempting to get the firm from one month to the next. And while we were actively working to reduce expenses at the time—SUGAR had only been launched—it was still a long way off. Thus, we had suggested downsizing half of our office and our warehouse. At that time, the team consisted of fewer than 20 members. During one of the conversations, she had passionately argued that this is something that I think we should hold on to, even if it was just a small office with a few desks and chairs, because of the daily routine and discipline of waking up, dressing for work, and physically going to the office with a clear goal in mind, finishing the day, and returning home. When we were attempting to tighten our belts, that discipline would help us keep focused on the reason we were doing this. And I believe that when it first struck me at the moment, it took me some time to fully understand that.”

Vineeta highlights Kaushik’s choice, “My previous organization was completely self-funded,” as the one she appreciates the most in this regard. Before my real meeting with Kaushik, I had a difficult time obtaining money since I believed venture capitalists would not be interested in consumer-led firms where women make up the majority of the clientele because they would not find the endeavor to be relevant. In all of our fund-raising discussions, I would give up very quickly and be tempted to start over by suggesting ways to stretch out and increase the pace of our investment. However, Kaushik had seen several successful startups and received some capital for his initial one. I believe he campaigned for this before the debut of SUGAR. Looking back, we realize that we couldn’t have built SUGAR the way it is now without the sort of support we had from every investor we worked with. Looking back, I’m appreciative since that was one thing I was unsure of how to accomplish.”

Kaushik and Vineeta have also made investments in startups founded by partners. Vineeta remarks, “People used to talk about relationship uncertainty, how connection becomes an obstacle,” about one of their investments in Zouk. In my opinion, couples form a strong team when it comes to startups because they each bring unique qualities to the table and because of the level of confidence that they have in one another. Since I’ve seen several couples with complementary skill sets, I believe that up until about eight years ago, investors would not have seriously considered doing transactions of this nature. However, I believe that d2C brands—not only us but also many other brands—have altered that. 

Additionally, investors used to experience difficulties in creating teams since couples would manage the company more like a family enterprise, refusing to assign tasks and making difficult hiring decisions. And as an investor, I believe that’s the one thing I would look at—namely, the co-founders’ relationships—very early on. By that technical definition, it is thus a family company. However, are they managing it like an amateur or like experts? a company where the co-founders are employed based on their qualifications rather than merely their union. 

Moreover, the leadership respects each of the other founders and has sufficient power to make decisions. Since teams are ultimately the foundation of successful enterprises, institutions are what make them what they are. Therefore, if they see early warning indicators, as many of these great businesses did, establish a second layer of leadership that is both highly qualified and empowered, and that leadership shows respect for both co-founders.”

A Healthy Business Partnership

One of the worst times the co-founders of SUGAR had was when they surpassed 100 crores when COVID struck and the revenue returned to zero in April 2020. And that was most likely our fourth or fifth close call with death. The hardest part, in my opinion, was the pivot since, at the time, it was a very lonely decision to switch from FAB Bag to SUGAR. We had to hold aside the last INR 25–30 lakh in our bank account because we had to reimburse the customers whose subscriptions we had stolen. We had practically no money in our bank account.

Furthermore, shifting may be incredibly isolating and stressful since it requires you to devote your time, energy, and resources to a fresh start. Plus, there was not yet a single instance of a consumer product that had been developed in India in the previous several years. Furthermore, there were no indications that a 100 Crore brand could be developed in a few years. However, I believe that those were particularly difficult times since it was hard to secure funding, and keep our staff, and they had no raises for a few years. And, I mean, from all of that suffering, SUGAR was created, so it was also, like, amazing,” Vineeta closes her sugary sweet trip, which they want to go to publicly in 2027.

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