D2C Funding Alert

D2C Personal Care Brand Pilgrim Secures $20M Series B Funding Led by Vertex Ventures

• ByStartupStory     |    September 26, 2023

Pilgrim, a direct-to-consumer beauty and personal care brand, has secured $20 million in a Series B funding round led by Vertex Ventures Southeast Asia and India, with participation from existing investors Fireside Ventures and the Narotam Sekhsaria Family Office. The Mumbai-based company plans to use the funds to strengthen its brand, boost research and development efforts, and expand its offline presence within India.

Pilgrim had previously raised a total of INR 48 crore. Its Series A round, which amounted to INR 13 crore, was led by Fireside Ventures and featured contributions from angel investors, including founding teams from Boat, NoBroker, and the founder-CEO of Bewakoof.com. The remaining amount was raised in a bridge round led by Fireside Ventures and the Narotam Sekhsaria Family Office.

The brand, currently boasting an annualized revenue rate (ARR) of INR 300 crore, is targeting an ARR of INR 1,000 crore by 2025. Established in 2019 by Anurag Kedia and Gagandeep Makker, Pilgrim seeks to disrupt the personal care market by offering affordable solutions. The company has already amassed five million customers, with an additional 500,000 being added each month.

“Pilgrim has been steadfast in crafting efficacious solutions tailored to individual consumer needs and co-creating products alongside our customers. This approach has empowered us to introduce groundbreaking innovations, reshaping the landscape of India’s beauty and personal care market,” stated Kedia and Makker.

Kanika Mayar, Partner at Vertex Ventures SEA & India, noted, “Pilgrim, with its strong product formulations and unique international ranges, is enabling access to high-quality and effective products for Indian customers right at their doorstep.”

Follow Startup Story