SUMMARY
- Pilgrim has secured Rs 75 crore in its latest extended Series B funding round led by Fireside and Vertex Ventures.
- Fireside and Vertex Ventures contributed Rs 25 crore and Rs 23 crore respectively.
- These shares are intended to be used for the company’s strategic focus on expansion and general corporate objectives.
Beauty and personal care D2C firm Pilgrim has secured $9 million (Rs 75 crore) in its latest extended Series B funding round led by Fireside and Vertex Ventures, with the former contributing Rs 25 crore and the latter accounting for Rs 23 crore. The total funding in the round amounts to Rs 75 crore, as detailed in the company’s regulatory filings accessible through the Registrar of Companies.
NSFO Ventures, Mirabilis Investment, and NABS Vriddhi contributed Rs 27 crore in total.
The company board has authorized the issuance of 854 Series B1 and B2 preference shares at an issue price of Rs 8,77,655 each, with the aim of raising the mentioned sum. These shares are intended to be used for the company’s strategic focus on expansion and general corporate objectives, as mentioned in the filings.
Following the allotment, the five-year-old firm’s valuation has soared to approximately Rs 2,075 crore (around $250 million), a threefold rise from its previous valuation of $75 million, achieved in its Series B funding round in 2023 where it raised $20 million led by Vertex Ventures. The company may potentially raise more funds in this round. The firm has raised $35 million so far across its past funding rounds.
In terms of ownership, Fireside Ventures maintains the largest external stake at 23%, followed by Vertex Ventures with 11.2%. Other significant investors include NSFO Ventures with 5.57% stake, and Mirabilis Investment with 2.81% stake.
Established in 2019 by Anurag Kedia, Pilgrim has established itself as a prominent player in the beauty and personal care industry, offering an extensive range of over 90 SKUs across face care, haircare, skincare, and fragrances, available in over 25,000 pin codes. The company provides diverse product selection, which includes ingredients sourced from renowned locations such as France, Korea, Spain, Australia, the Amazon Rainforest, and Swiss glaciers, ensuring a high standard of quality and innovation.
Moreover, its revenue grew from Rs 17 crore in FY22 to Rs 76 crore in FY23. This growth was accompanied by an increase in losses, rising threefold to Rs 23 crore in the same period. Pilgrim is yet to disclose its annual results for the fiscal year ended March 2024.
