homestartup News Beauty and personal care brand Pilgrim receives $20 million in Series B funding round
Beauty and personal care brand Pilgrim receives $20 million in Series B funding round
Founded in 2019 by the IIT alumni duo - Anurag Kedia and Gagandeep Makker, the beauty and personal Care brands offers 90+ SKUs across face care, haircare & skincare products, and fragrances in over 25,000 pin codes. It claims to be serving over 5 million customers, with an additional 500,000 being added every month.
Pilgrim, a beauty and personal care brand has raised $20 million in Series B funding round led by Vertex Ventures Southeast Asia and India along with existing investors Fireside Ventures & Narotam Sekhsaria Family Office.
According to the firm, the fresh capital will be deployed to increase brand building, R&D, and bolstering offline expansion within India. The company said it currently clocking an annual revenue run-rate (ARR) of Rs 300 crore and aims to hit Rs 1,000 crore in ARR by 2025.
"We are huge believers in the deepening consumer market in India and are thrilled to be partnering with Pilgrim as it looks to revolutionise the beauty and personal care industry. Pilgrim, with its strong product formulations and unique international ranges, is enabling access to high-quality and effective products for Indian customers right at their doorstep,” said Kanika Mayar, Partner at Vertex Ventures SEA & India.
Previously, Pilgrim has raised a total funding of Rs 48 crores. The firm had received Rs 13 crore in Series-A round led by Fireside Ventures along with angels including founding teams from Boat, NoBroker, and the Founder-CEO of Bewakoof.com.
Founded in 2019 by the IIT alumni duo - Anurag Kedia and Gagandeep Makker, the beauty and personal Care brands offers 90+ SKUs across face care, haircare & skincare products, and fragrances in over 25,000 pin codes. It claims to be serving over 5 million customers, with an additional 500,000 being added every month.
"Pilgrim has been steadfast in crafting efficacious solutions tailored to individual consumer needs and co-creating products alongside our customers. This approach has empowered us to introduce groundbreaking innovations, reshaping the landscape of India's beauty and personal care market. 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.” Co-founders Anurag Kedia and Gagandeep Makker, Pilgrim said
First Published: Sept 26, 2023 1:29 PM IST
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