Beauty & personal care Startup 'Pilgrim' nets Rs.75 crore in Series B
In its extended Series B funding round, which was led by Fireside and Vertex Ventures, the beauty and Personal Care D2C Company Pilgrim raised Rs.75 crore, or approximately $9 million.
According to Pilgrim's regulatory filing accessed from the Registrar of Companies, the company's board of directors has approved a special resolution to issue 854 Series B1 and B2 preference shares at a price of Rs.8,77 655 per share in order to raise Rs.75 crore, or $9 million.
Fireside and Vertex Ventures each contributed Rs.25 crore and Rs.23 crore. During the funding round, NSFO Ventures, Mirabilis Investment, and NABS Vriddhi invested Rs.27 crore in total.
The organization will involve these returns for extension and general corporate purposes as concluded by the board, the filings further added.
The company's valuation has skyrocketed to approximately Rs.2, 075 crore, or approximately $250 million, according to the startup data intelligence platform TheKredible.
This denotes an over triple increment from its last financing round, of $20 million where the organization was esteemed at $75 million. During this round, the business might get more money.
With the new funding, Fireside Ventures stays the biggest outer partner with a 23% stake, trailed by Vertex Ventures, which holds 11.2%.
NSFO Adventures and Mirabilis Venture order 5.57% and 2.81% stakes, individually.
Established by Anurag Kedia in the year 2019, Pioneer offers more than 90 SKUs across face care, haircare, and skincare items, and fragrances in more than 25,000 pin codes.
According to the company, it offers a wide range of products crafted from ingredients sourced from Australia, France, Korea, Spain, the Amazon Rainforest, and Swiss glaciers.
The company, which has been around for five years, has raised about $35 million in rounds, including a $20 million Series B in 2023 that was led by Vertex Ventures. From Rs.17 crore in FY22, the company's scale increased by 4.47 times to Rs.76 crore in FY23. In quest for development, its misfortunes likewise bounced 3X to Rs.23 crore in FY23.
According to Pilgrim's regulatory filing accessed from the Registrar of Companies, the company's board of directors has approved a special resolution to issue 854 Series B1 and B2 preference shares at a price of Rs.8,77 655 per share in order to raise Rs.75 crore, or $9 million.
Fireside and Vertex Ventures each contributed Rs.25 crore and Rs.23 crore. During the funding round, NSFO Ventures, Mirabilis Investment, and NABS Vriddhi invested Rs.27 crore in total.
The organization will involve these returns for extension and general corporate purposes as concluded by the board, the filings further added.
The company's valuation has skyrocketed to approximately Rs.2, 075 crore, or approximately $250 million, according to the startup data intelligence platform TheKredible.
This denotes an over triple increment from its last financing round, of $20 million where the organization was esteemed at $75 million. During this round, the business might get more money.
With the new funding, Fireside Ventures stays the biggest outer partner with a 23% stake, trailed by Vertex Ventures, which holds 11.2%.
NSFO Adventures and Mirabilis Venture order 5.57% and 2.81% stakes, individually.
Established by Anurag Kedia in the year 2019, Pioneer offers more than 90 SKUs across face care, haircare, and skincare items, and fragrances in more than 25,000 pin codes.
According to the company, it offers a wide range of products crafted from ingredients sourced from Australia, France, Korea, Spain, the Amazon Rainforest, and Swiss glaciers.
The company, which has been around for five years, has raised about $35 million in rounds, including a $20 million Series B in 2023 that was led by Vertex Ventures. From Rs.17 crore in FY22, the company's scale increased by 4.47 times to Rs.76 crore in FY23. In quest for development, its misfortunes likewise bounced 3X to Rs.23 crore in FY23.
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