Beauty and personal care D2C firm Pilgrim has raised INR 75 crore ($9 million) in an extended Series B round led by Fireside Ventures and Vertex Ventures, driving its valuation to approximately INR 2,075 crore ($250 million) with significant contributions from NSFO Ventures, Mirabilis Investment, and NABS Vriddhi.
According to regulatory filings, the company’s board approved the issuance of 854 Series B1 and B2 preference shares, priced at INR 8,77,655 each. Fireside Ventures contributed Rs 25 crore, while Vertex Ventures invested INR 23 crore. Additionally, NSFO Ventures, Mirabilis Investment, and NABS Vriddhi collectively invested INR 27 crore in this round.
As outlined in the regulatory filings, Pilgrim plans to utilize the raised capital for expansion and general corporate purposes. This funding marks a significant milestone for the company, propelling its valuation to approximately INR 2,075 crore ($250 million). This represents a threefold increase from its previous valuation of $75 million in its last funding round of $20 million.
Financial Performance of Pilgrim
Fireside Ventures remains Pilgrim’s largest external stakeholder post-funding, holding a 23 percent stake. Vertex Ventures follows with an 11.2 percent stake, while NSFO Ventures and Mirabilis Investment hold 5.57 percent and 2.81 percent, respectively.
Founded in 2019 by Anurag Kedia, Pilgrim has rapidly expanded its product range, offering over 90 SKUs in face care, hair care, skin care, and fragrances. The company sources top-quality ingredients from around the globe, including France, Korea, Spain, Australia, the Amazon Rainforest, and Swiss glaciers. Pilgrim’s products are available in over 25,000 pin codes, reinforcing its strong market presence.
Pilgrim has raised approximately $35 million across various funding rounds, including its recent $20 million Series B led by Vertex Ventures in 2023. The company reported a 4.47X growth in revenue, reaching INR 76 crore in FY23, compared to INR 17 crore in FY22. However, its losses also increased threefold to INR 23 crore in FY23. The company has yet to file its annual results for FY24, indicating ongoing growth and strategic investments.
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