In its extended Series B round, which was led by Fireside and Vertex Ventures, beauty and personal care D2C company Pilgrim has raised Rs 75 crore, or roughly $9 million.
A regulatory filing obtained from the Registrar of Companies reveals that Pilgrim’s board has approved a special resolution to issue 854 Series B1 and B2 preference shares at an issue price of Rs 8,77 655 each in order to raise Rs 75 crore, or $9 million.
The contributions from Fireside and Vertex Ventures were Rs 25 crore and Rs 23 crore, respectively. During the round, NSFO Ventures, Mirabilis Investment, and NABS Vriddhi invested a combined total of Rs 27 crore.
The filings also stated that the company will use these proceeds, as determined by the board, for general corporate purposes and expansion.
Media reports state that the company’s post-allotment valuation has skyrocketed to about Rs 2,075 crore, or about $250 million. This represents a more than threefold increase over the company’s previous funding round, which raised $20 million and valued it at $75 million. In this round, the company might raise more money.
Following the recent funding, Fireside Ventures, with a 23% stake, is still the largest external stakeholder, followed by Vertex Ventures, with an 11.2% stake. The stakes held by NSFO Ventures and Mirabilis Investment are 5.57% and 2.81%, respectively.
Pilgrim, which was founded in 2019 by Anurag Kedia, provides over 90 SKUs of skincare, haircare, and face care products in over 25,000 pin codes. According to the company, it has a large selection of products that are expertly crafted using ingredients from the Amazon Rainforest, France, Korea, Spain, Australia, and Swiss glaciers.
Over $35 million has been raised by the five-year-old company in various rounds, including its $20 million Series B in 2023 led by Vertex Ventures. The company reported a 4.47X increase in revenue, from Rs 17 crore in FY22 to Rs 76 crore in FY23. Due to this growth-oriented strategy, its losses in FY23 increased by 3X to Rs 23 crore. For FY24, Pilgrim has not yet submitted its annual report.
