Beauty startup Pilgrim raises $20 million in Series B round led by Vertex Ventures
Beauty and personal care startup Pilgrim announced it has secured $20 million in Series B funding from investors Fireside Ventures and the Narotam Sekhsaria Family Office, as well as Vertex Ventures Southeast Asia and India. The company plans to deploy the capital to diversify its product portfolio, invest in research and development, and offline expansion.
Found in 2019, Pilgrim has more than 90 SKUs across the face, haircare and skincare products, and fragrances. The startup had earlier raised a total of Rs 48 crores including Rs.13 crore in a Series A round led by Fireside Ventures along with angel investors including founding teams of Boat, NoBroker, and the Founder-CEO of Bewakoof.com. The remaining amount was raised in a bridge round led by Fireside Ventures and Narotam Sekhsaria Family Office.
"Our commitment to sourcing world beauty ingredients and addressing consumer requirements remains unwavering, bolstered by the invaluable support of our esteemed partners, Vertex Ventures, Fireside Ventures, and the Narotam Sekhsaria Family Office. Their faith in our solid business fundamentals fuels our ambition to emerge as frontrunners in India’s expansive Beauty and Personal Care sector", said Anurag Kedia and Gagandeep Makker, Co-founder, Pilgrim. The company targets India’s potential $30 billion beauty and personal care market and aimed for Rs 1,000 crore annual recurring revenue by 2025 from Rs 300 crore currently.
Kanika Mayar, Partner at Vertex Ventures SEA & India said, "We are huge believers in the deepening consumer market in India and are thrilled to be partnering with Pilgrim as it looks to revolutionise the beauty and personal care industry. We believe Pilgrim is at the new frontier of India’s beauty & personal care industry and we look forward to working with the team in creating a truly aspirational and global brand". Vertex Ventures SEA and India invests in early-stage startups and its portfolio includes Grab, PatSnap, Nium, FirstCry, XPressBees, Licious, 17LIVE, among others. Vertex Ventures has six major funds, including Vertex Ventures Israel, Vertex Ventures China, Vertex Ventures US, Vertex Ventures HC and Vertex Growth.
Found in 2019, Pilgrim has more than 90 SKUs across the face, haircare and skincare products, and fragrances. The startup had earlier raised a total of Rs 48 crores including Rs.13 crore in a Series A round led by Fireside Ventures along with angel investors including founding teams of Boat, NoBroker, and the Founder-CEO of Bewakoof.com. The remaining amount was raised in a bridge round led by Fireside Ventures and Narotam Sekhsaria Family Office.
"Our commitment to sourcing world beauty ingredients and addressing consumer requirements remains unwavering, bolstered by the invaluable support of our esteemed partners, Vertex Ventures, Fireside Ventures, and the Narotam Sekhsaria Family Office. Their faith in our solid business fundamentals fuels our ambition to emerge as frontrunners in India’s expansive Beauty and Personal Care sector", said Anurag Kedia and Gagandeep Makker, Co-founder, Pilgrim. The company targets India’s potential $30 billion beauty and personal care market and aimed for Rs 1,000 crore annual recurring revenue by 2025 from Rs 300 crore currently.
Kanika Mayar, Partner at Vertex Ventures SEA & India said, "We are huge believers in the deepening consumer market in India and are thrilled to be partnering with Pilgrim as it looks to revolutionise the beauty and personal care industry. We believe Pilgrim is at the new frontier of India’s beauty & personal care industry and we look forward to working with the team in creating a truly aspirational and global brand". Vertex Ventures SEA and India invests in early-stage startups and its portfolio includes Grab, PatSnap, Nium, FirstCry, XPressBees, Licious, 17LIVE, among others. Vertex Ventures has six major funds, including Vertex Ventures Israel, Vertex Ventures China, Vertex Ventures US, Vertex Ventures HC and Vertex Growth.
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