The brand is planning to deploy the funds in brand building, research and development and bolstering offline expansion within India
Bengaluru: Beauty and personal care brand Pilgrim has raised $20 million in Series B funding led by Vertex Ventures Southeast Asia and India along with existing investors Fireside Ventures and Narotam Sekhsaria Family Office, the company said in a press release on Tuesday.
The brand is planning to deploy the funds in brand building, research and development and bolstering offline expansion within India.
“Our commitment to sourcing world beauty ingredients and addressing consumer requirements remains unwavering, bolstered by the invaluable support of our esteemed partners, Vertex Ventures, Fireside Ventures, and the Narotam Sekhsaria Family Office. Their faith in our solid business fundamentals fuels our ambition to emerge as frontrunners in India’s expansive beauty and personal care sector,” said Anurag Kedia and Gagandeep Makker, co-founders of Pilgrim.
With an annual recurring revenue (ARR) of Rs 300 crore, the brand aims to reach Rs 1,000 crore by 2025.
“We believe Pilgrim is at the new frontier of India’s beauty and personal care industry and we look forward to working with the team in creating a truly aspirational and global brand,” said Kanika Mayar, partner at Vertex Ventures Southeast Asia and India.
“It has been exciting to witness Pilgrim’s journey so far. We are proud to have been a part of their journey since their early days in the market,” said Vinay Singh, founding partner, Fireside Ventures.
In the past, Pilgrim has raised a total fund of Rs 48 crore. The series-A funding round (Rs 13 crore) was led by Fireside Ventures along with Angel Investors including founding teams from Boat, NoBroker, and the founder of Bewakoof.com. The balance amount was raised through a bridge round led by Fireside Ventures and Narotam Sekhsaria Family Office.
Founded in 2019 by the IIT alumni duo Kedia and Makker, Pilgrim claims to have 5 million customers. The brand delivers over 90 SKUs across face care, haircare, skincare and fragrances to over 25,000 pin codes.