Pilgrim is a beauty and personal care brand that secured Rs 3.2 crore from Fireside and Vertex Ventures in its series B funding round. The funding round also saw the participation of other investors including NSFO Ventures, NABS Vriddhi, and Mirabilis Investment. Fireside led the round with a Rs 25 crore investment followed by Vertex Ventures with Rs 23 crore and the rest of the Rs 27 crore came from other investors.
The board has approved a special resolution to allot 854 series B1 and B2 preference shares at an issue price of Rs 8,77,655 each to raise $9 million. According to the company filing, the startup will use this fresh capital to scale its operations, increase its offerings, expand its network, develop market presence, and meet general corporate purposes.
Anurag Kedia founded the startup in 2019 to offer beauty and skincare products. The company provides over 90 SKUs across face care, skincare, and hair care products across more than 25,000 pin codes. The beauty brand manufactures quality products with ingredients from Korea, Australia, France, Swiss glaciers, and Spain. The company plans to use this investment to solidify its position in the D2C market.
The startup data intelligence platform, the kredible mentioned that the post-money allotment valuation of the company is around 250 million USD. The company raised $20 million in a funding round at a valuation of $75 million. After this round, the existing investor Fireside Ventures remained the largest external stakeholder with 23 percent followed by Veryex Ventures with 11.2 percent. NSFO Ventures accounts for 5.57 percent of the stake and Mirabilis Investments holds 2.81 percent stake in the firm. The startup faces competition from other beauty brands including Mamaearth, Clensta, and Nat Habit.
The company offers natural skincare and beauty products including toners, moisturizing creams, cleansers, and lotions. The beauty and skincare startup claims to use safe, nourishing, and natural ingredients in its products. The products offered by the firm are scientifically tested and expert-formulated. The startup reported a 4.47 times increase in its scale to Rs 76 crore in FY23. However, the net loss also increased by three times to Rs 23 crore in the same duration. The investment will help the company strengthen its product services and expand its products in the market.
Conclusion :
Pilgrim is a skincare and beauty product-selling internet-first brand that secured Rs 75 crore in its series B funding round. Fireside led the funding round with the participation of Vertex Ventures, NSFO Ventures, NABS Vriddhi, and Mirabilis Investment. The company intends to use these fresh proceeds to scale up its operations, expand its network, and enhance its platform for a better user experience. The company provides its products through its online platform.
The startup offers natural ingredients and manufactures clinically tested skincare products. The categories available on the platform include body scrubs, serums, face masks, body butter, cleanser, lotion, and moisturizer. The company faces competition from other skincare and beauty brands such as MamaEarth, and Clensta.
