Pilgrim Raises $9 Million in Series B Extension Led by Fireside and Vertex Ventures

• ByStartupStory     |    August 30, 2024

Pilgrim, a leading D2C beauty and personal care brand, has successfully raised $9 million in an extended Series B funding round. This round was led by prominent investors Fireside Ventures and Vertex Ventures, highlighting continued confidence in Pilgrim’s growth trajectory.

The capital raise was made possible through the issuance of 854 Series B1 and B2 preference shares at an issue price of Rs 8,77,655 each, according to filings accessed from the Registrar of Companies. The total raised amounted to Rs 75 crore, with significant contributions from Fireside Ventures and Vertex Ventures, which invested Rs 25 crore and Rs 23 crore, respectively. Additionally, NSFO Ventures, Mirabilis Investment, and NABS Vriddhi collectively contributed Rs 27 crore in this round.

Pilgrim intends to utilize the new funds to support its expansion plans and general corporate purposes. “The company plans to utilize the raised capital to fund expansion plans and general corporate purposes,” stated the board in its regulatory filings.

The company’s valuation has seen a remarkable increase, reportedly tripling since its previous funding round. Pilgrim’s valuation now stands at an impressive Rs 2,075 crore (approximately $250 million) post-allotment, a significant jump from the $75 million valuation in its previous round. TheKredible reports that Pilgrim might raise additional funds in the near future, further fueling its growth.

Key stakeholders following this funding round include Fireside Ventures, holding a 23% stake, and Vertex Ventures with 11.2%. NSFO Ventures and Mirabilis Investment hold stakes of 5.57% and 2.81%, respectively.

Founded in 2019 by Anurag Kedia, Pilgrim has established a strong presence in the beauty and personal care industry. The brand offers over 90 SKUs across face care, hair care, skincare products, and fragrances, and serves more than 25,000 pin codes across India. Pilgrim’s product range boasts top-quality ingredients sourced from global locations, including France, Korea, Spain, Australia, the Amazon Rainforest, and Swiss Glaciers.

Pilgrim has raised close to $35 million across various funding rounds, with the most significant being a $20 million Series B led by Vertex Ventures earlier this year. The company has demonstrated robust growth, with revenue from operations increasing by 4.47X to reach Rs 76 crore in FY23, up from Rs 17 crore in FY22. However, Pilgrim’s expansion efforts have resulted in a threefold increase in losses, amounting to Rs 23 crore in FY23.

Follow Startup Story