VVSEAI Investment | Pilgrim raises $20M funding in Series B led by Vertex Ventures Southeast Asia and India

Pilgrim raises $20 M funding in Series B led by Vertex Ventures Southeast Asia and India; Clocks INR 300CR ARR (36 M USD) as it continues to revolutionize access to Global Beauty Ingredients for Indian consumers

• The oversubscribed round also saw participation from existing investors Fireside Ventures & Narotam Sekhsaria Family Office
• Scaling at the intersection of deep consumer insight, diverse product portfolio & sustained growth*, Pilgrim aims to double down on its growth and expansion plans** to achieve INR 1000 Crores ARR by 2025*
• Serving over 500,000 (500K) consumers monthly, Pilgrim will deploy this funding to increase brand building, R&D, and bolstering offline expansion within India

Mumbai, September 26, 2023:  Pilgrim, a pioneering Indian beauty and personal care brand has raised $20 M in Series B funding led by Vertex Ventures Southeast Asia and India along with existing investors Fireside Ventures & Narotam Sekhsaria Family Office. Since its inception, Pilgrim has been dedicated to redefining beauty standards and making global beauty ingredients accessible to all Indians. With a focus on innovation and authenticity, Pilgrim has solidified its position as a promising player in India’s potential $30 Bn Beauty and Personal care market thereby witnessing an oversubscribed round. Currently at INR 300CR ARR, the brand is committed to scaling to INR 1000CR ARR by 2025 on the back of its commitment to robust R&D and consumer-centricity.

Commenting on the funding, Co-founders Anurag Kedia and Gagandeep Makker, Pilgrim said,

“We founded Pilgrim with a vision to redefine world-class beauty solutions for every Indian consumer. This investment marks a significant step toward realizing that vision. With this funding, we are poised to scale our mission of building a world-class brand that addresses the critical pillars of access, global solutions, and innovative products. We are excited to continue crafting authentic, high-quality beauty solutions that empower and inspire our customers, all while setting new industry standards. This partnership with our investors fuels our determination to revolutionize the beauty landscape in India and provide our consumers with the best the world has to offer.”

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. Pilgrim, with its strong product formulations and unique international ranges, is enabling access to high-quality and effective products for Indian customers  right at their doorstep. 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."

Vinay Singh, Founding Partner, Fireside Ventures said,

“It has been exciting to witness Pilgrim’s journey so far. We are proud to have been a part of their journey since their early days in the market. Keeping consumer centricity as the core of their business, Pilgrim has built a great relationship with their customers. We look forward to seeing them redefine the beauty and personal care industry, and are committed to supporting their mission of delivering exceptional products and experiences.”

Narayanan Venkitraman, Narotam Sekhsaria Family Office said,

“It's a consumer-friendly world out there and brands focusing on solving consumer needs are the ones that get maximum value in the ecosystem. We're excited to see how Pilgrim continues to grow in this fast-growing beauty and personal care industry."

The thesis, business performance, and plans

Founded in 2019 by the IIT alumni duo - Anurag Kedia and Gagandeep Makker, Pilgrim is committed to driving disruptive change in the personal care sector. Its quest to empower every Indian household with the best, most affordable, global beauty ingredients and efficacious solutions has won Pilgrim investor and customer love. It stands strong with a total of 5 million customers, with an additional 500K being added every month. We plan to double down on this growth by deploying this funding in brand building, R&D, and bolstering offline expansion within India. The company is dedicated to providing authentic, high-quality beauty products and services that cater to the diverse needs of the Indian market.

Past Funding & Team

In the past, Pilgrim has raised a total fund of INR 48 crores. The Series-A round (INR 13CR) was led by Fireside Ventures along with Angel Investors including founding teams from Boat, NoBroker, and the Founder-CEO of Bewakoof.com. Further, it had raised the remaining amount in a bridge round led by Fireside Ventures and Narotam Sekhsaria Family Office. The company has cultivated a workplace of 100+ employees that values their contributions, evident in its investments in employee-centric benefits that have surged 2.5 times in the past year.

About Pilgrim:

Founded in 2019, Pilgrim is one of the fastest-growing Beauty and Personal Care brands that offers 90+ SKUs across face care, haircare & skincare products, and fragrances in over 25,000 pin codes. The brand is known to source the world’s best beauty ingredients to create exciting and efficacious products that deliver results. The company’s R&D and innovation are driven by an in-house team and partnerships in India and across the globe. It brings together unique global beauty experiences, connecting with the wanderlust spirit of a modern millennial. Hence, the name - Pilgrim. It offers a wide range of products curated with ingredients from France, Korea, Spain, Australia, the Amazon Rainforest, and Swiss glaciers. Visit https://discoverpilgrim.com for more information.

About Vertex Ventures Southeast Asia and India (VVSEAI)

Vertex Ventures Southeast Asia and India partners with founders who are creating innovative, transformative and scalable businesses. It has a long and strong track record of investing in early-stage startups and building champions like Grab, PatSnap, Nium, FirstCry, XPressBees, Licious, 17LIVE, and others. VVSEAI supports its portfolio companies with unmatched operating experience and deep access to the capital, talent, partners and customers they need to build truly global businesses. VVSEAI is one of six major funds in the Vertex Global Network which includes Vertex Ventures Israel, Vertex Ventures China, Vertex Ventures US, Vertex Ventures HC and Vertex Growth. These funds each focus on investments in their region and industry specialization. With the combined regional expertise and global reach, each team can leverage the Vertex Platform to get a broad view of innovation and share learning experiences across the world.

For more information, please visit: https://www.vertexventures.sg

For media inquiries, please reach out to Elise Tan at vvsea_communications@vertexventures.com.

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