Beauty Brand Pilgrim Secures USD 9 Mn in Series B Extension; Fireside Ventures Becomes Largest Stakeholder The Mumbai-based platform plans to utilise the funds to bolster its market presence and fuel its strategic growth plans.
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Beauty and personal care direct-to-consumer (D2C) brand Pilgrim has raised INR 75 crore (approximately USD 9 million) in an extended Series B round.
The round was spearheaded by Fireside Ventures and Vertex Ventures, as revealed in a regulatory filing accessed from the Registrar of Companies.
The company issued 854 Series B1 and B2 preference shares at an issue price of INR 8,77,655 each, gathering substantial capital for its ongoing expansion and corporate initiatives, as per the Entrackr media reports.
Fireside Ventures contributed INR 25 crore, while Vertex Ventures invested INR 23 crore in this round. Additionally, NSFO Ventures, Mirabilis Investment, and NABS Vriddhi collectively injected INR 27 crore, demonstrating strong investor confidence in Pilgrim's growth trajectory.
Pilgrim, headquartered in Mumbai, plans to utilise these funds to bolster its market presence and fuel its strategic growth plans.
With the latest investment, Fireside Ventures has solidified its position as the largest external stakeholder, holding a 23% stake in the company. Vertex Ventures follows with an 11.2% stake, while NSFO Ventures and Mirabilis Investment hold 5.57% and 2.81% stakes, respectively.
Founded in 2019 by Anurag Kedia and Gagandeep Makker, Pilgrim has expanded its product offerings to include over 90 SKUs across face care, hair care, skincare, and fragrances. The company's diverse range of products is crafted with ingredients sourced from various regions, including France, Korea, Spain, Australia, the Amazon Rainforest, and Swiss glaciers, catering to a wide customer base across 25,000 pin codes.
This latest funding round adds to Pilgrim's impressive fundraising history, with the company having raised approximately USD 35 million across several rounds. Notably, Pilgrim experienced a remarkable 4.47X growth in revenue, reaching INR 76 crore in FY23, up from INR 17 crore in FY22.
