Total amount raised
$30.7 Million
Latest funding date
8/1/2024
Location
Pilgrim has successfully raised funding over seven rounds, with notable investors including Anicut Capital and Narotam Sekhsaria Family Office. The brand specializes in skincare, haircare, makeup, and fragrances, offering a wide range of products designed to provide a seamless shopping experience.
Keep reading to explore the intricacies of Pilgrim's fundraising journey and the investors backing this innovative platform.
What Is Pilgrim?
Pilgrim is a direct-to-consumer (D2C) beauty and personal care brand based in Mumbai, Maharashtra, India. The company operates in the beauty, manufacturing, and wellness industries, offering a wide range of products for skin care, hair care, makeup, and fragrances.
With an employee count ranging from 101 to 250, Pilgrim has established itself as a significant player in its sector. The company emphasizes using clean and effective ingredients, free from harmful chemicals, and engages with its customers through various special offers and a loyalty program.
How Much Funding Has Pilgrim Raised?
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: January 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart operations and develop initial product lines.
- Series A
- Amount Raised: INR 130,000,000
- Date: June 2021
- Lead Investors: Fireside Ventures, Rukam Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product offerings and scale operations.
- Series B
- Amount Raised: USD 13,000,000
- Date: September 2023
- Lead Investors: Vertex Ventures Southeast Asia & India
- Valuation at Round: USD 75,000,000
- Motivation Behind the Round: To support growth and market expansion.
- Debt Financing
- Amount Raised: USD 7,000,000
- Date: September 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To manage operational costs and financial stability.
- Series B (Extended)
- Amount Raised: INR 750,000,000
- Date: August 2024
- Lead Investors: Fireside Ventures, Vertex Ventures Southeast Asia & India
- Valuation at Round: USD 250,000,000
- Motivation Behind the Round: For expansion and general corporate purposes.
- Secondary Market
- Amount Raised: Not publicly disclosed
- Date: March 2025
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
- Series Unknown
- Amount Raised: INR 2,000,000,000
- Date: March 2025
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale operations and enhance market presence.
Total Amount Raised: USD 35,000,000
Current Valuation: USD 250,000,000
Key Investors
- Fireside Ventures
- Details: Fireside Ventures is a venture capital firm that focuses on early-stage consumer brands in India. They are known for their hands-on approach and deep industry expertise.
- Investment Focus Areas: Food and beverages, personal care, lifestyle, home products
- Notable Investments: Mamaearth, Boat, Vahdam Teas
- Vertex Ventures Southeast Asia & India
- Details: Vertex Ventures is a global network of venture capital funds. They invest in early-stage to growth-stage companies across various sectors.
- Investment Focus Areas: Technology, healthcare, consumer products
- Notable Investments: Grab, PatSnap, FirstCry
- NSFO Ventures
- Details: NSFO Ventures is an investment firm that focuses on innovative and high-growth potential companies. They aim to support businesses that can make a significant impact.
- Investment Focus Areas: Various sectors with high growth potential
- Notable Investments: Not publicly disclosed
- Mirabilis Investment
- Details: Mirabilis Investment is a strategic investment firm that focuses on high-growth companies. They aim to provide capital and support to businesses with significant potential.
- Investment Focus Areas: Consumer, technology, high-growth companies
- Notable Investments: Not publicly disclosed
- NABS Vriddhi
- Details: NABS Vriddhi is an investment firm that focuses on scalable and impactful businesses. They aim to support companies that can drive social or economic development.
- Investment Focus Areas: Scalable businesses, impactful investments
- Notable Investments: Not publicly disclosed
What's Next for Pilgrim?
With a recent surge in valuation, Pilgrim is poised to capitalize on the growing D2C beauty and personal care market. The company plans to expand its product offerings and market reach, leveraging its diverse range of international ingredients to capture a larger market share. This expansion presents a significant opportunity for Pilgrim to solidify its presence in over 25,000 pin codes and potentially explore international markets.
Future fundraising appears promising, given the increased investor interest and the company's robust growth trajectory. Pilgrim's ability to attract further investment will be crucial in sustaining its expansion plans and maintaining its competitive edge. However, the company must navigate challenges such as managing increased operational costs and maintaining profitability amidst rapid growth.
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