Beauty care startup Pilgrim, also a direct-to-consumer brand, has raised USD 20 million in Series B round led by Vertex Ventures Southeast Asia and India.
The company has stated that the investment will be used to foster research and development as well as expand its retail outlets in India.
The funding in this round saw the participation of Fireside Ventures and Narotam Sekhsaria Family Office.
In the past, Pilgrim had raised a total funding of Rs 48 crore. The series A round of funding that saw investment of Rs 13 crores was led by Fireside Ventures along with angel Investors including founding teams from Boat, NoBroker, and the founder-CEO of Bewakoof.com.
The remaining amount in the bridge round was funded by Fireside Ventures and Narotam Sekhsaria Family Office.
Started in 2019 by Anurag Kedia and Gagandeep Makker, Pilgrim claims to have a customer base of five million, with 5 lakhs being added every month. The Annualised Revenue Rate (ARR) of the brand is recorded at Rs 300 crore, which aims to reach Rs 1000 crore ARR by 2025.
On this backdrop, Founders of the company, Kedia and Makker said that, Pilgrim’s steadfast crafting of effective solutions has led us to introduce groundbreaking innovations, changing the landscape of India’s beauty and personal care market