Pilgrim, an Indian beauty and personal care startup, has secured $20 million in a Series B funding round led by Vertex Ventures Southeast Asia and India. This milestone underscores Pilgrim’s burgeoning presence in India’s beauty market and unwavering commitment to reshaping the industry.
The Series B round saw existing investors Fireside Ventures & Narotam Sekhsaria Family Office participate in this funding round, reaffirming their confidence in Pilgrim’s potential.
Pilgrim, which had previously raised $6 million across angel, Series A, and bridge rounds, is making waves in India’s $30 billion beauty and personal care market. With this new infusion of capital, the company aims to amplify its growth trajectory.
“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 Anurag Kedia, Co-founder of Pilgrim.
Pilgrim’s Impressive Growth Trajectory in India’s Beauty Market
Pilgrim has swiftly carved a niche, offering an extensive range of over 90 skincare, haircare, fragrances, and face care products sourced from global destinations such as France, Korea, Spain, Australia, the Amazon Rainforest, and Swiss glaciers. Their commitment to quality and innovation has attracted over 5 million customers, with an impressive addition of 500,000 new customers monthly.
The latest Series B round, where $14 million was raised through primary funding and the remainder via secondary transactions, demonstrates Pilgrim’s allure among investors. The company’s unique approach to product curation and commitment to research and development has solidified its position in the market.
Pilgrim’s revenue in FY22 stood at INR 16.89 crore, with a reported loss of INR 7.53 crore. However, the company is witnessing remarkable growth, with an annual run rate (ARR) of INR 300 crore. Pilgrim has set its sights on achieving a staggering INR 1,000 crore ARR by 2025, driven by strategic investments in brand building and research and development.
The startup’s rapid expansion is not limited to the digital realm. Pilgrim plans to bolster its offline presence within India, ensuring its products are accessible to a broader audience.
Pilgrim’s recent funding reflects its growing prominence in India’s competitive beauty and personal care market. With a diverse product range, a commitment to quality, and a solid growth plan, Pilgrim is significantly impacting the market.
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