, a direct-to-consumer beauty and personal care brand, has raised $20 million in a Series B round led by Vertex Ventures Southeast Asia and India.
Existing investors Fireside Ventures and Narotam Sekhsaria Family Office also participated in this round.
The Mumbai-based company will use the funds to build its brand and bolster research and development and offline expansion within India, according to a statement.
Pilgrim had previously raised a total funding of Rs 48 crore. Its Series-A round of Rs 13 crore was led by Fireside Ventures along with angel Investors including founding teams from Boat, NoBroker, and the founder-CEO of Bewakoof.com. It raised the remaining amount in a bridge round led by Fireside Ventures and Narotam Sekhsaria Family Office.
The brand, which is currently at an annualised revenue rate (ARR) of Rs 300 crore, aims to reach Rs 1,000 crore ARR by 2025.
Started in 2019 by Anurag Kedia and Gagandeep Makker, Pilgrim aims to disrupt the personal care market with affordable solutions. It has five million customers, with 500,000 being added every month.
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“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,” said a statement from Kedia and Makker.
“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,” said Kanika Mayar, Partner at Vertex Ventures SEA & India.
Edited by Affirunisa Kankudti
