D2C personal care brand Pilgrim raised $20 M Series B funding from Vertex Ventures

Vertex Ventures Southeast Asia and India led a $20 million Series B funding round for the D2C company Pilgrim, which provides personal care and beauty products. The round included participation from previous investors Fireside Ventures and the Narotam Sekhsaria Family Office.

The company claims that it raised $14 million through primary transactions and the rest through secondary ones.

A total of Rs 48 crore (about $6 million) has been raised by Pilgrim through angel, Series A, and bridge rounds. The founding teams of Boat, NoBroker, and Bewakoof.com are among its investors.

According to a press release from Pilgrim, the company intends to build on this growth by investing the additional funds in brand development, R&D, and accelerating offline growth in India.

Anurag Kedia founded Pilgrim in 2019, which now serves more than 25,000 pin codes with over 90 SKUs of fragrances, skincare, and face care products. The business claimed to offer a broad selection of goods that are expertly curated using ingredients from France, Korea, Spain, Australia, the Amazon Rainforest, and Swiss glaciers.

With 500,000 more joining each month, the startup claims to have over 5 million customers. According to the business, it has established itself as a promising participant in India’s potential $30 billion beauty and personal care market.

In FY22, Pilgrim reported revenue of Rs 16.89 crore and a loss of Rs 7.53 crore, according to data intelligence platform TheKredible. Although the business has not yet submitted its annual financial statement for FY23, it claims to have an annualized revenue of Rs 300 crore and plans to increase it to Rs 1,000 crore by 2025.

Leading investors Vertex Ventures Southeast Asia and India recently finished raising $541 million for its fifth fund. The company has invested in more than 80 companies, and it will keep pursuing this strategy. As part of its portfolio, Licious, KukuFM, Kissht, Ace Turtle, Kapiva, BeepKart, Certa, Signzy, and Ayu Health are all present.