- Pilgrim will use the raised capital in enhancing R&D capabilities, expanding the team, and brand investments.
- Previously, The startup had raised Rs 1.8 crore in a seed funding round.
- Currently, It is generating annual recurring revenue of Rs 18 crore.
Mumbai-based direct-to-consumer (D2C) beauty brand Pilgrim today announced that it has raised Rs 13 crore in a Series A funding round led by VC and private equity firm Firside Ventures.
The funding round also saw participation from Rukam Capital, founding teams of Boat, NoBroker, and the founder- CEO of Bewakoof.com.
With this funding, Pilgrim will enhance research & development (R&D) capabilities, expanding the team, and brand investments, acc. to the press statement.
Founded in 2018 by industry experienced Anurag Kedia and Gagandeep Makker, Pilgrim is an online D2C platform that offers a range of products which is vegan, free of harmful toxins, and not tested on animals.
Commenting on the development, Anurag Kedia & Gagandeep Makker, Co-Founders of Pilgrim said:
“Pilgrim embodies a way of life and not just a global array of products. It represents the journey and experiences of a modern millennial’s life and hence the tagline “Join The Journey”. At the core of Pilgrim exists a passionate team that is curating “native” global experiences and not merely importing global ingredients."
The startup currently offers 28 SKUs across hair, face, and bath-body in the price range of Rs 300 to Rs 800. The products are FDA approved and available on the company’s websites as well as on e-commerce platforms such as Amazon, Nykaa, and Flipkart.
Anurag Kedia claims that the brand is currently generating Rs 18 crore annual recurring revenue (ARR). Pilgrim currently has over 30,000 users every month and expects to grow 8x in the next 12 months.
"We believe that Pilgrim will serve the millennial consumers globally and will become an international beauty brand in the future," said Vinay Singh, co-Founder & Partner at Fireside Ventures.
According to the Avendus report, The Indian D2C business is going to be worth $100 billion in the next five years. Some of the Indian D2C startups are Nykaa, Plum, Mamaearth, Sugar, Bellora, Wakefit.co, Happilo, etc.
- D2C Brand Wakefit.Co Offers Rs 15 Crore ESOPs Buyback Options To Its Employees
- D2C startup ikOOji raises funding from Aakanksha Bhargava
- D2C Brand Happilo Raises $13.7 Million From A91 Partners To Expand Growth
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