Pilgrim Secures $9 Million in Series B Extension, Valuation Surges to $250 Million

Pilgrim, a burgeoning direct-to-consumer (D2C) beauty and personal care brand, has successfully raised approximately $9 million in a Series B extension funding round. The round was led by prominent investors Fireside Ventures and Vertex Ventures, with significant contributions also made by NSFO Ventures, Mirabilis Investment, and NABS Vriddhi.

The latest funding round saw the issuance of 854 Series B1 and B2 preference shares at an issue price of Rs 8,77,655 each, resulting in a substantial total raise of Rs 75 crore, or $9 million. Fireside Ventures invested Rs 25 crore, while Vertex Ventures contributed Rs 23 crore. The remaining Rs 27 crore was provided by NSFO Ventures, Mirabilis Investment, and NABS Vriddhi.

The fresh capital will be used to support Pilgrim’s expansion plans and cover general corporate expenses. Following this funding round, the company’s valuation has skyrocketed from $75 million to an impressive Rs 2,075 crore, or around $250 million, reflecting a threefold increase in valuation since its previous fundraise.

Pilgrim, founded in 2019 by Anurag Kedia, boasts over 90 SKUs across face care, haircare, skincare products, and fragrances. The company sources top-tier ingredients from diverse geographies, including France, Korea, Spain, Australia, the Amazon Rainforest, and Swiss Glaciers. With a presence in more than 25,000 pin codes, Pilgrim has established a strong market identity.

The company’s revenue from operations saw a remarkable increase of 4.47 times, reaching Rs 76 crore in FY23 compared to Rs 17 crore in FY22. However, Pilgrim reported a threefold rise in losses to Rs 23 crore for FY23 as it continues to pursue aggressive expansion and market leadership. The firm has not yet released its financial results for FY24, which are anticipated to reflect its ongoing growth trajectory.

Key stakeholders following this round include Fireside Ventures with a 23% stake, Vertex Ventures holding 11.2%, and NSFO Ventures and Mirabilis Investment with stakes of 5.57% and 2.81%, respectively. The investment landscape for Pilgrim indicates a strong backing and growing confidence in the company’s future prospects.

As Pilgrim continues to expand and innovate, it is poised for further funding rounds and continued growth in the competitive beauty and personal care market.