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Total amount raised
$54M
Latest funding date
2025-03-18
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: INR 1.8 crore (approx. USD 245,000) — prior funding referenced at Series A
- Date: January 2021 (approx.)
- 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 13 crore (approx. USD 1,950,000)
- Date: June 2021
- Lead Investors: Fireside Ventures, Rukam Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product offerings, grow the team, enhance R&D capabilities, and scale brand awareness.
- Series B
- Amount Raised: USD 20,000,000 (equity: USD 13M; debt: USD 7M)
- Date: September 2023
- Lead Investors: Vertex Ventures Southeast Asia & India
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and market expansion.
- Series B Extension (Series B1/B2)
- Amount Raised: INR 75 crore (approx. USD 9,000,000)
- Date: August–September 2024
- Lead Investors: Fireside Ventures, Vertex Ventures Southeast Asia & India
- Other Investors: NSFO Ventures, Mirabilis Investment Trust, NABS Vriddhi
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: For expansion and general corporate purposes.
- Primary & Secondary Round (Series Unknown)
- Amount Raised: INR 200 crore (approx. USD 23,000,000)
- Date: March 2025
- Lead Investors: Narotam Sekhsaria Family Office (NSFO)
- Other Investors: Vertex Ventures SEA, Sattva Family Office, Mirabilis Investment Trust, Vertex Growth Fund (new), Anicut Equity Continuum Fund (new)
- Valuation at Round: INR 3,000 crore (approx. USD 345,000,000) pre-money
- Motivation Behind the Round: To reinforce online profitability, expand offline distribution, and invest in R&D.
Total Amount Raised: At least $54M based on disclosed funding (cumulative across all rounds including seed, Series A ~$2M, Series B $20M, Series B Extension ~$9M, and March 2025 round ~$23M).
Current Valuation: Approximately USD 345,000,000 (pre-money, March 2025)
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 backed by Temasek. They invest in early-stage to growth-stage companies across various sectors.
- Investment Focus Areas: Technology, healthcare, consumer products
- Notable Investments: Grab, PatSnap, FirstCry
- Narotam Sekhsaria Family Office (NSFO)
- Details: The Narotam Sekhsaria Family Office is a private family office that invests in high-growth consumer and technology companies. NSFO has been an existing investor in Pilgrim since the Series B round and led the March 2025 funding round.
- Investment Focus Areas: Consumer brands, high-growth companies
- Notable Investments: Pilgrim
- Rukam Capital
- Details: Rukam Capital is an early-stage venture capital firm focused on consumer startups in India. They invested in Pilgrim as part of the Series A round in 2021 and subsequently exited with 5.36x returns.
- Investment Focus Areas: Early-stage consumer brands
- Notable Investments: Not publicly disclosed
- Mirabilis Investment Trust
- Details: Mirabilis Investment Trust is a strategic investment firm that focuses on high-growth companies. They participated in the Series B Extension and the March 2025 round.
- Investment Focus Areas: Consumer, technology, high-growth companies
- 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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