On an extended Series B investment round, Pilgrim, a direct-to-consumer (D2C) company, raised $9 million. The company specializes on beauty and personal care. With the help of this round, which is headed by well-known investors Fireside and Vertex Ventures, Pilgrim is now valued at about Rs.2,075 crore.

After raising $20 million in investment, the company's value was estimated to be $75 million; this valuation represents a threefold increase.

The recently obtained capital will be judiciously disbursed to support several aspects of Pilgrim's activities.

Pilgrim's co-founder Anurag Kedia claims that a sizeable amount will go toward research and development (R&D).

This is a crucial investment for Pilgrim as it looks to expand its product portfolio and strengthen its dedication to innovation.

Additionally, the business plans to increase its offline presence, which has already generated over 25% of its total sales. By December 2024, Pilgrim predicts that this percentage will have surpassed 30%, indicating a significant shift toward physical retail outlets.

Pilgrim also plans to increase its market share abroad as part of its expansion strategy. Using this funding, the company is expanding into the US and Australia after establishing a foothold in a number of areas, including the UAE, Singapore, and Malaysia.

Another key area is brand investment; Pilgrim just unveiled a campaign with well-known people Rashmika Mandana and Manisha Koirala. Positive feedback on the campaign has been received, and Pilgrim intends to keep funding brand-building projects to raise its market awareness and customer involvement, according to Kedia.