Total amount raised
$30.7 Millions
Latest funding date
8/1/2024
Location
Pilgrim has successfully raised funding through multiple rounds, attracting a diverse group of investors. The brand specializes in direct-to-consumer beauty and personal care products, emphasizing clean and effective formulations.
Keep reading to explore the intricacies of Pilgrim's fundraising journey and the investors backing this innovative platform.
What Is Pilgrim?
Pilgrim, founded in 2019, is a direct-to-consumer beauty and personal care brand based in Mumbai, Maharashtra, India. The company was established by Anurag Kedia and Gagandeep Makker.
Specializing in clean and effective formulations, Pilgrim offers a wide range of products, including skincare, haircare, makeup, and fragrances. The brand emphasizes the use of ingredients that enhance the health of hair and skin while avoiding harmful chemicals.
With a team of 101-250 employees, Pilgrim continues to innovate in the beauty space, providing high-quality products directly to consumers.
How Much Funding Has Pilgrim Raised?
- Series B (Extended)
- Amount Raised: $9M
- Date: August 2024
- Lead Investors: Fireside Ventures, Vertex Ventures Southeast Asia & India
- Valuation at Round: $250M
- Motivation Behind the Round: The funds will be used for expansion and general corporate purposes.
- Series B
- Amount Raised: $13M
- Date: September 2023
- Lead Investors: Vertex Ventures Southeast Asia & India
- Valuation at Round: $75M
- Motivation Behind the Round: To support growth and scaling operations.
- Debt Financing
- Amount Raised: $7M
- Date: September 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To manage operational expenses and debt obligations.
- Series A
- Amount Raised: ₹130M
- Date: June 2021
- Lead Investors: Fireside Ventures, Rukam Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product lines and market reach.
- 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 initial product development.
Total Amount Raised: $29M
Current Valuation: $250M
Key Investors
- Fireside Ventures
- Details: Fireside Ventures is a venture capital firm that focuses on early-stage consumer brands. They are known for their hands-on approach in helping startups scale.
- Investment Focus Areas: Consumer brands, food and beverages, personal care.
- Notable Investments: Mamaearth, Boat, Vahdam Teas.
- Vertex Ventures Southeast Asia & India
- Details: Vertex Ventures is a global network of funds that invests in early-stage to growth-stage technology and healthcare companies. They have a strong presence in Southeast Asia and India.
- Investment Focus Areas: Technology, healthcare, consumer internet.
- Notable Investments: Grab, FirstCry, PatSnap.
- NSFO Ventures
- Details: NSFO Ventures is an investment firm that focuses on high-growth potential companies. They have a diversified portfolio across various sectors.
- Investment Focus Areas: Technology, healthcare, consumer goods.
- Notable Investments: Not publicly disclosed.
- Mirabilis Investment
- Details: Mirabilis Investment is a private investment firm that participates in various funding rounds for high-growth companies. They are known for their strategic investments.
- Investment Focus Areas: Not publicly disclosed.
- Notable Investments: Not publicly disclosed.
- NABS Vriddhi
- Details: NABS Vriddhi is an investment entity that focuses on supporting innovative startups. They often collaborate with other investors to maximize impact.
- Investment Focus Areas: Not publicly disclosed.
- Notable Investments: Not publicly disclosed.
What's Next for Pilgrim?
With a recent $9 million funding boost and a valuation surge to $250 million, Pilgrim is poised for significant growth. The company plans to expand its product offerings and market reach, leveraging its diverse range of beauty and personal care products to capture a larger market share. This expansion aligns with industry trends favoring direct-to-consumer brands and clean, effective formulations.
Future fundraising opportunities seem promising, given the increased valuation and investor interest. However, Pilgrim faces challenges such as managing rising operational costs and sustaining its high growth rate in a competitive market. Efficiently utilizing the new funds will be crucial for continued success and profitability.
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