Pilgrim, a D2C beauty and personal care firm, has raised around $9 million in an extended Series B funding round, undertaken completely by leading investors Fireside and Vertex Ventures.
PC: Zee Business
Copies of filings accessed from the Registrar of Companies show that the board of Pilgrim approved the issuance of 854 Series B1 and B2 preference shares at an issue price of Rs 8,77,655 each. This led to the substantial raise of Rs 75 crore or $9 million. Fireside and Vertex Ventures have contributed Rs 25 crore and Rs 23 crore, respectively, while NSFO Ventures, Mirabilis Investment and NABS Vriddhi together invested Rs 27 crore in this round.
The company plans to utilize the raised capital to fund expansion plans and general corporate purposes, according to the board in regulatory filings.
According to TheKredible, Pilgrim’s valuation jumped threefold as against its previous fundraise when the company was valued at $75 million to an astonishing Rs 2,075 crore, or around $250 million, post-allotment. The report further says that Pilgrim is likely to raise more funding anytime soon.
Key stakeholders after funding include Fireside Ventures, with a stake of 23% outside of itself, followed by Vertex Ventures with 11.2%. The respective stakes of NSFO Ventures and Mirabilis Investment are 5.57% and 2.81%.
Pilgrim was founded in 2019 by Anurag Kedia. With over 90 SKUs across face care, haircare, skincare products, and fragrances across more than 25,000 pin codes, the company has built an identity. It houses top-of-the-line ingredients from across different geographies, including France, Korea, Spain, Australia, the Amazon Rainforest, and Swiss Glaciers, promising a great lineup of products.
Having largely successfully raised funds, Pilgrim has raised close to $35 million across various rounds-the most recent and large one being a $20 million Series B, which was led by Vertex Ventures this year. Revenue from operations for the company grew a stellar 4.47X to reach Rs 76 crore in FY23 from Rs 17 crore in FY22. However, in the pursuit of expansion and market leadership, Pilgrim reported losses of a three-fold increase to Rs 23 crore for FY23. The company hasn’t released the annual financial result for FY24, representing the continuing growth trajectory and objectives.
Further insight into Pilgrim’s financials and standing in the market is available with TheKredible’s deep-dive analysis of the firm’s investment landscape..
