Pilgrim Raises $20 Million In Series B Funding Round Led By Vertex Ventures

Updated on: 27 September 2023 10:38 pm

Employees who have spent a year (12 months) in the company (approximately 30 in number) will be able to benefit from this scheme

Pilgrim Announces First ESOP Scheme, Eyes 3x Current Run Rate in 2023 Photo: Employees who have spent a year (12 months) in the company (approximately 30 in number) will be able to benefit from this scheme

Pilgrim has raised $20 million in a Series B funding round led by Vertex Ventures Southeast Asia and India along with existing investors Fireside Ventures and Narotam Sekhsaria Family Office.

With this, the company is eager to solidify its position in India’s potential $30 billion beauty and personal care market. Currently at Rs 300 crore annual recurring revenue (ARR), Pilgrim is committed to scaling to Rs 1000 crore ARR by 2025 on the back of its commitment to robust R&D and consumer-centricity.

Commenting on the funding, co-founders Anurag Kedia and Gagandeep Makker, Pilgrim, said, "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."

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Kanika Mayar, partner at Vertex Ventures SEA and India, said, "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 international ranges, is enabling access to high-quality and effective products for Indian customers right at their doorstep."

Founded in 2019, Pilgrim has raised Rs 48 crore in funding so far. The Series-A round (Rs 13 crore) was led by Fireside Ventures along with angel investors, including founding teams from BoAT, NoBroker and the founder-CEO of Bewakoof.com. It had raised the remaining amount in a bridge round led by Fireside Ventures and Narotam Sekhsaria Family Office.