In an extended Series B round that was led by Fireside and Vertex Ventures, Pilgrim, a beauty and personal care D2C firm, has raised Rs 75 crore (approximately $9 million).
The company will allocate these funds to expansion and general corporate purposes in accordance with the board’s decision.
According to the regulatory filing obtained from the Registrar of Companies, the board of Pilgrim has approved a special resolution to issue 854 Series B1 and B2 preference shares at an issue price of Rs 8,77 655 each in order to raise Rs 75 crore or $9 million.
Rs 25 crore and Rs 23 crore were contributed by Fireside and Vertex Ventures, respectively. Rs 27 crore was collectively invested by NSFO Ventures, Mirabilis Investment, and NABS Vriddhi during the round.
Following the allotment, the company’s valuation has increased to approximately Rs 2,075 crore (approximately $250 million). In comparison to its most recent funding round, which raised $20 million and valued the company at $75 million, this represents a more than threefold increase. In this round, the organization may raise additional capital.
Read also – Miko Secures $2.5 Mn Funding Round
Despite the recent funding, Fireside Ventures continues to be the largest external stakeholder, with a 23% stake, followed by Vertex Ventures, which holds 11.2%. Stakes of 5.57% and 2.81% are held by NSFO Ventures and Mirabilis Investment, respectively.
Across over 25,000 pin codes, Pilgrim provides over 90 SKUs of fragrances, haircare, and hygiene products. The company disclosed that it provides a diverse selection of products that are meticulously selected from ingredients sourced from the Amazon Rainforest, Swiss glaciers, France, Korea, Spain, and Australia.
About Pilgrim
Founded in 2019 by Anurag Kedia and Gagandeep Makker, Pilgrim is an innovative and one of the fastest-growing D2C (Direct-to-consumer) businesses in the beauty space.
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