Beauty and personal care D2C brand Pilgrim has secured Rs 75 crore (approximately $9 million) in an extended Series B round led by Fireside Ventures and Vertex Ventures.
According to regulatory filings accessed from the Registrar of Companies, Pilgrim’s board approved a special resolution to issue 854 Series B1 and B2 preference shares at an issue price of Rs 8,77,655 each, raising a total of Rs 75 crore or $9 million.
Fireside Ventures and Vertex Ventures contributed Rs 25 crore and Rs 23 crore, respectively, while NSFO Ventures, Mirabilis Investment, and NABS Vriddhi collectively invested Rs 27 crore in this round.
The company plans to use the funds for expansion and general corporate purposes, as noted in the filings.
Data from startup intelligence platform TheKredible indicates that Pilgrim’s valuation has soared to approximately Rs 2,075 crore (around $250 million) following this round of funding. This represents a more than threefold increase from its previous valuation of $75 million after raising $20 million in the last round. The company may continue to raise additional funds in this round.
With this recent infusion, Fireside Ventures remains the largest external stakeholder with a 23% stake, followed by Vertex Ventures with an 11.2% stake. NSFO Ventures and Mirabilis Investment hold 5.57% and 2.81% stakes, respectively.
Founded in 2019 by Anurag Kedia, Pilgrim offers over 90 SKUs across face care, haircare, skincare products, and fragrances, reaching more than 25,000 pin codes. The company features a diverse range of products formulated with ingredients sourced from France, Korea, Spain, Australia, the Amazon Rainforest, and Swiss glaciers.
In its five years, Pilgrim has raised around $35 million across various funding rounds, including a $20 million Series B led by Vertex Ventures in 2023. The company reported a 4.47X increase in scale, reaching Rs 76 crore in FY23, up from Rs 17 crore in FY22. However, its losses also tripled to Rs 23 crore in FY23. Pilgrim has yet to file its annual results for FY24.