Beauty and personal care D2C brand Pilgrim has raised Rs 75 crore (approximately $9 million) in an extended Series B funding round. The round was led by Fireside Ventures and Vertex Ventures, marking a significant boost in the company’s valuation.
According to a special resolution passed by Pilgrim’s board, the company issued 854 Series B1 and B2 preference shares at an issue price of Rs 8,77,655 each. The funding round saw Fireside Ventures and Vertex Ventures contributing Rs 25 crore and Rs 23 crore, respectively, with additional investments from NSFO Ventures, Mirabilis Investment, and NABS Vriddhi, who collectively added Rs 27 crore.
Post-funding, Fireside Ventures has solidified its position as the largest external stakeholder in Pilgrim with a 23% stake. Vertex Ventures follows with an 11.2% share, while NSFO Ventures and Mirabilis Investment hold 5.57% and 2.81% stakes, respectively.
Founded in 2019 by Anurag Kedia, Pilgrim has rapidly expanded its product portfolio, offering over 90 SKUs in face care, hair care, skincare, and fragrances. The brand’s products, featuring ingredients sourced globally—from France to the Amazon Rainforest—are available across 25,000 pin codes in India.
The company has shown impressive growth, with revenues soaring 4.47X to Rs 76 crore in FY23 from Rs 17 crore in FY22. However, this growth has also come with increased losses, which tripled to Rs 23 crore in the same period. Despite these challenges, Pilgrim’s recent funding and valuation surge signal strong investor confidence and potential for further expansion.
The newly raised capital will be utilized for Pilgrim’s expansion and other corporate purposes, as outlined by the company’s board. With this financial boost, Pilgrim is well-positioned to continue its growth trajectory in the competitive beauty and personal care market.
Pilgrim’s latest funding round reflects a significant increase in its valuation and underscores the brand’s potential in the ever-evolving D2C beauty space. As the company continues to expand, it remains a notable player in the Indian market.
