Pilgrim has successfully raised $9 million in an extended Series B funding round. The round was led by major investors like Fireside Ventures and Vertex Ventures, underscoring strong investor confidence in Pilgrim’s growth potential.
According to filings accessed from the Registrar of Companies, Pilgrim raised the capital by issuing 854 Series B1 and B2 preference shares at an issue price of Rs 8,77,655 each, totaling Rs 75 crore. Fireside Ventures contributed Rs 25 crore, and Vertex Ventures invested Rs 23 crore. Additional contributions of Rs 27 crore came from NSFO Ventures, Mirabilis Investment and NABS Vriddhi.
The newly raised funds will be used to support Pilgrim’s expansion plans and general corporate purposes. The board stated, “The company plans to utilise the raised capital to fund expansion plans and general corporate purposes.”
Pilgrim’s valuation has surged, now standing at approximately Rs 2,075 crore ($250 million) post-allotment, a significant leap from the $75 million valuation in its previous funding round.
Following this funding round, key stakeholders include Fireside Ventures, which holds a 23 per cent stake, and Vertex Ventures with an 11.2 per cent stake. NSFO Ventures and Mirabilis Investment own 5.57 per cent and 2.81 per cent stakes, respectively.
Founded in 2019 by Anurag Kedia, Pilgrim has made significant strides in the beauty and personal care sector. The brand offers over 90 products across categories such as face care, hair care, skincare and fragrances, reaching customers in more than 25,000 pin codes across India. Pilgrim prides itself on using high-quality ingredients sourced globally, including from France, Korea, Spain, Australia, the Amazon Rainforest and Swiss Glaciers.
To date, Pilgrim has raised nearly $35 million across multiple funding rounds, including a significant $20 million Series B led by Vertex Ventures earlier this year. The company has shown robust growth, with revenues rising to Rs 76 crore in FY23, a 4.47x increase from Rs 17 crore in FY22. However, this expansion has also led to a threefold increase in losses, totaling Rs 23 crore in FY23.