Pilgrim raises $9 Mn with 3X valuation surge

Beauty and personal care direct-to-consumer (D2C) brand Pilgrim has secured Rs 75 crore (about $9 million) in an extended Series B funding round led by Fireside Ventures and Vertex Ventures. 

The company will issue 854 Series B1 and B2 preference shares at Rs 8,77,655 each to raise this amount, according to a regulatory filing.

Fireside Ventures invested Rs 25 crore, while Vertex Ventures contributed Rs 23 crore. Additionally, NSFO Ventures, Mirabilis Investment, and NABS Vriddhi collectively invested Rs 27 crore in this round. The funds will be used for expanding the business and other corporate needs as decided by the board.

Following this funding, Pilgrim's valuation has jumped to about Rs 2,075 crore (around $250 million), which is more than three times higher than its previous valuation of $75 million from a $20 million funding round. There is a possibility that the company might raise more funds in this round.

With the new investment, Fireside Ventures remains the largest external shareholder with a 23% stake, Vertex Ventures holds 11.2%, and NSFO Ventures and Mirabilis Investment have 5.57% and 2.81% stakes, respectively.

Founded in 2019 by Anurag Kedia, Pilgrim offers over 90 products including face care, hair care, skincare, and fragrances, with ingredients sourced from France, Korea, Spain, Australia, the Amazon Rainforest, and Swiss glaciers. The company has expanded its reach to over 25,000 pin codes.

In the past five years, Pilgrim has raised around $35 million, including a $20 million Series B round led by Vertex Ventures in 2023. The company saw its revenue grow more than fourfold to Rs 76 crore in FY23 from Rs 17 crore in FY22. However, its losses also increased threefold to Rs 23 crore in FY23. Pilgrim has not yet filed its financial results for FY24.