Pilgrim, a leading Direct-to-Consumer (D2C) firm in the beauty and personal care sector, has successfully secured $20 million in its latest Series B financing round. The funding endeavor was led by Vertex Ventures Southeast Asia and India, with significant contributions from existing backers including Fireside Ventures and the Narotam Sekhsaria Family Office.
Of the overall funding, $14 million was realized through primary transactions, with the remaining funds coming from secondary transactions. Cumulatively, Pilgrim has amassed roughly $6 million or Rs 48 crore from various investment rounds, drawing support from eminent founding teams of Boat, NoBroker, and Bewakoof.com.
Initiated in 2019 by entrepreneur Anurag Kedia, Pilgrim aims to leverage the fresh capital to fortify its brand presence, advance its research and development initiatives, and enhance its offline reach within India. The firm, known for its extensive array of products across different beauty categories, has successfully penetrated over 25,000 pin codes, acquiring a customer base exceeding 5 million.
Pilgrim is carving a niche in India’s potentially $30 billion beauty and personal care industry and has reported a Rs 300 crore Annual Recurring Revenue (ARR). The company sets its sight on elevating this to Rs 1,000 crore by 2025.
Vertex Ventures Southeast Asia and India have recently wrapped up their fundraising for their fifth fund, securing commitments totaling $541 million. The venture capital firm maintains a diverse investment portfolio featuring prominent names like Licious, KukuFM, and Ayu Health.
