Pilgrim Raises $9 Million in Extended Series B Round, Valuation Soars to $250 Million
Pilgrim, a direct-to-consumer (D2C) beauty and personal care company, has secured an additional $9 million (approximately Rs 75 crore) in its extended Series B funding round. The round was led by Fireside and Vertex Ventures, with NSFO Ventures, Mirabilis Investment, and NABS Vriddhi also participating.
According to a regulatory filing, the company issued 854 Series B1 and B2 preference shares at an issue price of Rs 8.77 each to raise the required funds. This latest funding brings Pilgrim’s total valuation to around $250 million, marking a threefold increase from its previous funding round of $20 million.
The additional funding will be used by the company for expansion and general corporate purposes, as decided by the board. Fireside Ventures now holds a 23% stake in Pilgrim, followed by Vertex Ventures with an 11.2% stake. NSFO Ventures and Mirabilis Investment command a 5.57% and 2.81% stake, respectively.
Founded in 2019 by Anurag Kedia, Pilgrim offers over 90 SKUs across face care, haircare, and skincare products, as well as fragrances in over 25,000 pin codes. The company uses ingredients from France, Korea, Spain, Australia, the Amazon Rainforest, and Swiss glaciers in its products.
Pilgrim has raised around $35 million across multiple rounds, including a $20 million Series B led by Vertex Ventures in 2023. The company has seen significant growth, with its revenue increasing 4.47 times to Rs 76 crore in FY23 from Rs 17 crore in FY22. However, its losses have also escalated three times to Rs 23 crore in FY23.
